WASHINGTON (AFP) — US President George W. Bush has said the US economy "demands" that the House of Representatives follow the Senate's lead and pass a 700-billion-dollar financial rescue package.
"The American people expect -- and our economy demands -- that the House pass this good bill this week and send it to my desk," Bush said in a statement after the Senate approved the bailout by a vote of 74-25.
"The bill the Senate passed is essential to the financial security of every American," he said.
"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 bill could face a vote as early as Friday in the House of Representatives, where lawmakers rejected an earlier version on Monday, sending world markets into freefall.
Opponents of the bill have balked at handing that so much power to the treasury secretary, and reject the notion of using taxpayer money to bailout out disgraced Wall Street firms.
But Treasury Secretary Henry Paulson applauded the Senate vote and appealed for quick house passage.
"I commend the Senate for tonight's strong, bipartisan vote," Paulson said.
"This sends a positive signal that we stand ready to protect the US economy by making sure that Americans have access to the credit that is needed to create jobs and keep businesses going. I urge the House to act promptly to pass this bill."
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