Bush says will take time for rescue to have impact

"The actions will take more time to have their full impact," Bush said at the U.S. Chamber of Commerce. "It took a while for the credit system to freeze up, it's going to take a while for the credit system to thaw."

"These are decisive measures aimed at the heart of our financial challenges," he said, adding that steps taken by European allies were similarly bold and had the full support of the United States.

Bush argued that the plan to buy up to $250 billion in equity in financial institutions did not amount to nationalizing the banks. "The government intervention is not a government takeover."