Rescue plan will take time, Bush says

U.S. President George Bush Tuesday recognized Americans face challenges because of the financial meltdown, but expressed confidence the economy would recover.

"No question that times are tough," Bush said after visiting an office products company in Chantilly, Va. "But no question America will emerge. And yet we've got some work to do ... "

When the depth of the crisis became apparent and began spilling into overseas markets, "I asked Congress to pass a rescue package," Bush said, noting that Republicans and Democrats joined together to pass "a good bill that will enable us to handle this challenge head-on."

The Emergency Economic Stabilization Act provides "stability to the volatile markets," Bush said. "And as the markets begin to stabilize, it will help markets overseas."

Even though a rescue plan had to be passed quickly, implementing it must be deliberate, he said.

"It's going to take time for these actions ... to have full effect." he said. "We want to make sure that the plan is well-thought-out and well-delivered."

Saying seeking governmental help for bad decisions in the marketplace goes against his nature, Bush said, "I wish I could snap my fingers and make what happened stop, but that's not the way it works. I made a decision that is really opposite of my philosophy."