Bush welcomes House approval of bailout bill

WASHINGTON (Reuters) - President George W. Bush welcomed the passage of a $700 billion financial rescue package by the House of Representatives on Friday and promised to sign the bill into law as soon as he receives it.

"We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country," Bush said after the House approved the bailout by a vote of 263-171, reversing its rejection of the bill earlier in the week that sent world stock markets reeling.