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Bush says bailout will take time

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U.S. President George W. Bush signs the Emergency Economic Stabilization Act of 2008 after the U.S. House of Representatives passed the legislation, allowing $700 billion to be used to bailout the financial industry, in the Oval Office in Washington on October 3, 2008. (UPI Photo/Brendan Smialowski/POOL) 
Published: Oct. 6, 2008 at 3:31 PM

SAN ANTONIO, Oct. 6 (UPI) -- U.S. President George Bush, after having urged quick congressional action on the economic bailout plan, said implementing it would take time.

The stabilization measure signed Friday provides, among other things, up to $700 billion for the Treasury Department to buy bad debt, Bush said while in San Antonio, "but it's going to take a while to get in place a program that, one, is effective; (and) two, that doesn't waste taxpayers' money."

It also would take a while "to restore confidence in the financial system," Bush said. "But one thing people can be certain of is that the bill I signed is a big step toward solving this problem."

Topics: George Bush
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