US president highlights time lag for bailout

US president highlights time lag for bailout

US president highlights time lag for bailout

Updated 19 December 2011, 15:12 AEDT

US president George W Bush has warned that the benefits of his administration's rescue plan for the American financial system will not be felt immediately.

In his weekly radio broadcast, Mr Bush said the bailout would begin to put the economy on the road to recovery but would take time to implement.

"While these efforts will be effective, they will also take time to implement," he said.

"My administration will move as quickly as possible, but the benefits of this package will not all be felt immediately.

"The federal government will undertake this rescue plan at a careful and deliberate pace to ensure that your tax dollars are spent wisely".

President Bush also stressed his belief that the government would be able to recoup much, if not all, of the US$700 billion package.