WASHINGTON - PRESIDENT George W. Bush on Wednesday praised Senate passage of a US$700 billion package aimed at rescuing the US financial system and urged the US House of Representatives to quickly do the same.

'With the improvements the Senate has made, I believe members of both parties in the House can support this legislation,' Mr Bush said in a written statement.

'The American people expect - and our economy demands - that the House pass this good bill this week and send it to my desk.'

'The bill the Senate passed is essential to the financial security of every American,' he said. -- REUTERS