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'Big package needed to solve financial crisis'

US President George W Bush saya that a planned bailout of the financial sector was a "big package because it was a big problem."

world Updated: Sep 20, 2008 19:47 IST

US President George W Bush said on Saturday a planned bailout of the financial sector was a "big package because it was a big problem."

Defending a proposed massive rescue plan for the financial sector worth hundreds of billions of dollars, Bush told reporters: "This is a big package because it was a big problem."

Speaking after his administration sent details of the bailout plan to members of Congress late Friday after a week of crisis in financial markets, Bush said decisive action was needed and that the government would eventually make back the money used for the rescue.

"I will tell our citizens and continue to remind them that the risk of doing nothing far outweighs the risk of the package.

"And that over time, we're going to get a lot of the money back.

"But right now, the government needed to send a clear signal that we understood the instability can ripple throughout and affect the working people and the average family and we weren't going to let that happen."