U.S. President George Bush spent Wednesday reaching out to U.S. senators and meeting with economic advisers about the financial crisis, the White House said.

The $700 billion bailout bill the U.S. Senate was to consider "is a product of extensive bipartisan cooperation to address the crisis in our financial markets," White House spokesman Tony Fratto said during a briefing. "So we strongly urge Senate passage of the bill."

The administration appreciates the leadership's agreeing to modify the bill "in a way we believe significantly improves the changes of ultimately being passed by both chambers and finding its way to the president's desk," the spokesman said.

Among the amendments are provisions that would extend renewable tax credits for wind and solar power and protection for the roughly 26 million Americans vulnerable to the alternative minimum tax, Fratto said.

The bill also was modified to include an amendment that would raise the insurance limit from $100,000 to $250,000 for deposits in insured banks and credit unions, he said.

"I think there is no question that if you look at your papers this morning," Fratto said, "you see increasing evidence of how the credit squeeze is affecting small businesses and municipalities across the country."

The House rejected the bailout measure Monday.

Bush also planned to meet with Federal Reserve Chairman Ben Bernanke and U.S. Treasury Secretary Henry Paulson for an update on the financial and credit markets.