Bush: Rescue plan 'right choice' for U.S.

WASHINGTON, Oct. 3 (UPI) -- President George W. Bush Saturday called the $700 billion rescue package approved by Congress "the right choice" for the U.S. economy.

In his weekly radio address, the president said the legislation "provides the necessary tools to address the underlying problem in our financial system."

"This was a difficult vote for many members of the House and Senate, but voting for it was the right choice for America's economy and for taxpayers like you," Bush told listeners.

"The root of this problem is that, as assets that banks hold have lost value, their ability to provide credit has been restricted, making it more difficult for businesses and consumers to obtain affordable loans," he said. "Without decisive action, this credit crunch threatens to harm our entire economy. With this legislation, the federal government can help banks and other financial institutions resume lending."

Bush said that will allow banks to provide capital for job creation and "helping American families meet their daily needs."

Bush said the final cost of the rescue package, which critics called a bailout of Wall Street, would be "much lower" than $700 billion because many of the assets the government will acquire under the plan will increase in value in time.