Bush lauds Senate vote

WASHINGTON, Oct. 1 (UPI) -- President George Bush gave the Senate kudos Wednesday night for approving the $700 billion U.S. financial industry bailout bill.

"I applaud the Senate for its strong bipartisan vote in favor of the financial rescue plan," the president said in a statement released by the White House following the 74-25 vote. "I especially appreciate the efforts of Majority Leader Harry Reid (of Nevada), Minority Leader Mitch McConnell (of Kentucky), Senators Chris Dodd (of Connecticut) and Judd Gregg (of New Hampshire), 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."

Bush reiterated his belief that passage of the measure is "essential to the security of every American."

He said he believes members of both parties in the House can now support the legislation. The House rejected an earlier version Monday.

"The American people expect -- and our economy demands -- that the House pass this good bill this week and send it to my desk," he said.