Pres. Bush defends Citigroup bailout

President Bush Monday said that the decision to bail out Citigroup was “necessary to safeguard our financial system,” and said he may take similar steps in the future if other large institutions require help.

“This is a tough situation for America but we will recover from it,” said Mr. Bush, standing on the steps of the U.S. Treasury Building next to Treasury Secretary Henry M. Paulson, Jr.

“The first step to recovery is to safeguard our financial system,” Mr. Bush said, adding that he approved the bailout after a conversation with Mr. Paulson Sunday evening.

“We have made these kind of decisions in the past and if need be, we’re going to make these kinds of decisions to safe guard our financial system in the future,” the president said.

Mr. Bush also said that he spoke with President-elect Barack Obama about the decision before going public with it.

“I told the president-elect when I first met him that anytime we were to make a big decision during this transition, he will be informed, as will his team.”