[Weekly Compilation of Presidential Documents Volume 44, Number 39 (Monday, October 6, 2008)]
[Page 1285]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on Senate Action on Economic Stabilization Legislation

October 1, 2008

    I applaud the Senate for its strong bipartisan vote in favor of the 
financial rescue plan. I especially appreciate the efforts of Majority 
Leader Harry Reid, Minority Leader Mitch McConnell, Senators Chris Dodd 
and Judd Gregg, and the senior members of the relevant committees from 
both parties. They worked across the aisle to make vital improvements to 
the rescue package I sent Congress last month, including an expansion of 
deposit insurance that will help protect the savings of American 
families and small businesses.
    The bill the Senate passed is essential to the financial security of 
every American. It is aimed at helping American families who need to 
borrow money to buy a car or fund a college education. It is aimed at 
helping small businesses that depend on financing to meet their payrolls 
and stock their shelves. And it is aimed at helping State and local 
governments that rely on the credit markets to fund basic services and 
meet the needs of their citizens.
    The House will now take up this rescue legislation. With the 
improvements the Senate has made, I believe members of both parties in 
the House can support this legislation. The American people expect, and 
our economy demands, that the House pass this good bill this week and 
send it to my desk.

Note: The statement referred to H.R. 1424.