U.S. President George Bush expressed support and appreciation Monday to Congress for its work on a $700 billion bailout for the troubled U.S financial system.

The Emergency Economic Stabilization Act, which congressional leaders in both parties agreed to Sunday, is "a bold bill that will keep the crisis in our financial system from spreading throughout our economy," Bush said in a statement. "This legislation deals with complex issues and negotiators were asked to address them in a very short period of time."

Bush said he was confident that the bill would pass with support from both parties.

While the bill would commit up to $700 billion in taxpayer dollars, Bush said two non-partisan budgetary offices "expect that the ultimate cost to the taxpayer will be far less than that."

The bipartisan plan is meant to address the root of the financial crisis, home mortgage-related assets that have lost value during the housing decline, Bush said. Under the plan, the federal government can purchase the toxic assets from banks and other financial institutions, freeing them to resume lending to businesses and consumers.

"I'm confident that this rescue plan -- along with other measures taken by the Treasury Department and the Federal Reserve -- will begin to restore strength and stability to America's financial system and overall economy," Bush said.