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Page last updated at 20:57 GMT, Friday, 3 October 2008 21:57 UK

In quotes: Bail-out vote reaction

Reaction to news that the US House of Representatives has approved President George W Bush's $700bn bank rescue plan, days after rejecting the first version.

GEORGE W BUSH, US PRESIDENT

"There were moments this week when some thought that the federal government could not rise to the challenge. But thanks to the hard work of members of both parties, in both houses, and the spirit of co-operation between Capitol Hill and my administration, we completed this bill in a timely manner...

"I know some Americans have concerns about this legislation, especially about the government's role and the bill's cost... As a strong supporter of free enterprise, I believe government intervention should occur only when necessary. In this situation, action is clearly necessary."

JOHN McCAIN, US REPUBLICAN PRESIDENTIAL CANDIDATE

"This rescue bill isn't perfect. It's an outrage that it's even necessary... Our economy is still hurting, hurting badly. Further action is needed and it shouldn't take a crisis to get this country to act."

BARACK OBAMA, US DEMOCRATIC PRESIDENTIAL CANDIDATE

"I'm glad to see that we've finally got this thing dealt with. The No 1 thing is that the administration uses this authority wisely, makes sure that [Treasury] Secretary [Henry] Paulson and others are structuring the purchase of these assets in a way that protects taxpayers."

HENRY PAULSON, US TREASURY SECRETARY

"We've been doing a lot of work, a lot of thinking getting ready for this, and once the legislation is signed, we're going to be going out and lining up some advisers from the private sector. There are a wide variety of tools that we have that come with this legislation, and which combined with the other authorities we have... are going to be very important in protecting the stability of the financial markets, which ultimately protect the economic security of the American people."

NANCY PELOSI, DEMOCRATIC HOUSE SPEAKER

"Our eye now is to the future, to shine the bright light of accountability on what is happening in our financial markets so that it doesn't happen again. That accountability will tell us how we got to this place and ferret out the abuses."

JEB HENSARLING, REPUBLICAN HOUSE MEMBER

"How can we have capitalism on the way up and socialism on the way down?"

STENY HOYER, DEMOCRATIC LEADER IN THE HOUSE

"Now the federal government can begin taking strong action to restore the flow of credit to business and families. I hope that today's action will stave off the worst case of a total freeze in lending, which could have devastating consequences for jobs, consumer credit and foreclosure. The process of compromise may look messy, but it's clear that after input from both parties and both chambers, we significantly improved the president's original proposal."

BEN BERNANKE, FEDERAL RESERVE CHAIRMAN

"The legislation is a critical step toward stabilising our financial markets and ensuring an uninterrupted flow of credit to households and businesses."

FRANCOIS FILLON, FRENCH PRIME MINISTER

"The world is on the edge of the abyss because of an irresponsible system."


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