WACO, Oct 4: US President George W. Bush on Saturday praised legislators from both major parties for approving the $700 billion financial system bailout package, but warned that relief would not be instant.

The Senate approved the measure on Wednesday, while the House of Representatives approved it on Friday, after rejecting a slightly different bill on Monday. Bush immediately signed it into law.

In his weekly Saturday morning radio address, Bush acknowledged that it was a difficult vote for both Democratic and Republican legislators.

“I appreciate their willingness to work across party lines in the midst of an election season,” Bush said.

The measure “provides the necessary tools to address the underlying problem in our financial system,” the president said.

Bush said that the final cost to taxpayers will be “much lower” than the $700 billion figure, because as time passes the value of the assets the government purchased “will likely go up in price.” That means “that the government should eventually be able to recoup much, if not all, of the original expenditure,” Bush said.

The president, however, warned that the relief would take time.

“By taking all these steps, we can begin to put our economy on the road to recovery. While these efforts will be effective, they will also take time to implement.

“My administration will move as quickly as possible, but the benefits of this package will not all be felt immediately. The federal government will undertake this rescue plan at a careful and deliberate pace to ensure that your tax dollars are spent wisely.”

Bush, however, said he was confident that by “getting our markets moving” with the measure, “we will help unleash the key to our continued economic success: the entrepreneurial spirit of the American people.” —AFP