U.S. President George W. Bush makes a statement about the economic bailout package from the White House in Washington Sept.29, 2008. Bush on Wednesday hailed the approval of a financial bailout plan by the Senate, urging the House of Representatives to take similar actions.

WASHINGTON, Oct. 1 (Xinhua) -- President George W. Bush on Wednesday hailed the approval of a financial bailout plan by the Senate, urging the House of Representatives to take similar actions.

"I applaud the Senate for its strong bipartisan vote in favor of the financial rescue plan," Bush said in a statement issued shortly after the Senate passed the plan by a vote of 74-25.

He stressed the 700 billion-U.S.-dollar bailout plan was "essential to the financial security of every American."

"The House will now take up this rescue legislation. With the improvements the Senate has made, I believe members of both parties in the House can support this legislation," he said.

"The American people expect -- and our economy demands -- that the House pass this good bill this week and send it to my desk," he added.

The House on Monday rejected the original financial rescue legislation, sending markets plunging around the globe.