Bush signs bailout bill, says it will help avert wider crisis

WASHINGTON (AP) - President Bush is warning that the economy "continues to face serious challenges."

Bush said today's vote approving a financial rescue package will "help prevent the crisis on Wall Street from becoming a crisis in communities across our country."

He quickly signed the 700-billion-dollar government bailout of the financial industry, after the House approved it by a vote of 263-171.

Bush, speaking in the Rose Garden, said he knows some Americans have concerns about the cost of the measure, and about the government's role in private enterprise.

He said he believes that intervention should take place "only when necessary," and that in this case, it's "clearly necessary."

(Copyright 2008 by The Associated Press. All Rights Reserved.)