8:36 AM Bush tells UN of confidence in financial crisis solution

President George W Bush has made his farewell speech to the United Nations, offering assurances of his commitment to stabilising world markets threatened by the American financial crisis.
US President George Bush says Washington is working to solve the US credit crisis. [Reuters]
North America correspondent Michael Rowland reports that Mr Bush has told the UN General Assembly the US government had taken bold steps to avoid a severe disruption to the US economy which in turn could have had a devastating gloal impact.

He has used his speech, his last to the UN as US President, to underscore the speed with which he was addressing the problem.

"I can assure you that my administration and our Congress are working together to quickly pass legislation approving this strategy and I'm confident we will act in the urgent timeframe required," Mr Bush said.

The UN Secretary General Ban Ki Moon has expressed fears the financial crisis could jeopardise the UN's plans to reduce world poverty.

But resentment is growing on both sides of the US political divide over a plan to bail out Wall Street firms with bad mortgage debt.

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