US taking 'bold steps': Bush

President George W Bush said the US government is taking “bold steps” to deal with a financial crisis that has roiled markets globally, and he assured world leaders that the US will act quickly.

“Our economies are more closely connected than ever before,” Bush said in a speech today to heads of state gathered at the United Nations in New York.

“And I know that many of you here are watching how the United States government will address the problems in our financial system.”

“I am confident we will act in the urgent time frame required,” he said.

While Bush focused most of his remarks on the threat from terrorism, the upheaval in global markets triggered by the credit crisis in the US, the world’s biggest economy, also is a main topic at the UN gathering.

UN Secretary-General Ban Ki-moon has said the crisis may hamper anti-poverty efforts, and Bush said earlier he has been questioned by world leaders on how the US is dealing with the market meltdown.

The Bush administration and the US Congress are negotiating details of a $700 billion plan to stabilise the country’s banking system. Bush gave his UN address, the last of his presidency, as Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S Bernanke were testifying about the plan to the Senate Banking Committee.

Assurances: Before a meeting earlier today with President Asif Ali Zardari of Pakistan, Bush said other leaders have questioned whether the US “has the right plan to deal with this economic crisis” and whether lawmakers will act quickly enough.

He repeated his assurances to the General Assembly.

“In recent weeks, we have taken bold steps to prevent a severe disruption of the American economy, which would have a devastating effect on other economies around the world,” Bush said.

“I can assure you that my administration and our Congress are working together to quickly pass legislation approving this strategy.”