The White House, President George W. Bush Click to print this document

For Immediate Release
Office of the Press Secretary
November 24, 2008

President Bush Meets with Secretary of the Treasury Henry Paulson
Treasury Department
Washington, D.C.

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10:25 A.M. EST

THE PRESIDENT: Mr. Secretary, thank you very much for inviting me in for a cup of coffee. The Secretary and I share the concerns of our citizens, concerns about jobs, concerns about their savings accounts. This is a tough situation for America. But we'll recover from it. And the first step to recovery is to safeguard our financial system.

President George W. Bush and Secretary Henry Paulson of the U.S. Department of Treasury, pause for questions after their meeting Monday, Nov. 24, 2008, at the Treasury Department. Said the President, "Secretary Paulson is working closely with the President-elect's transition team. It's important for the American people to know that there is close cooperation. It's important for the American people to know that we will safeguard the financial system as the first step necessary for financial -- or for economic recovery. And so, Mr. Secretary, thanks for your hard work." White House photo by Eric Draper Last night on Air Force One coming back from Peru, I talked at length to the Secretary about his recommendation. The decision was made to safeguard Citi -- Citicorps(*). We have made these kind of decisions in the past -- made one last night. And if need be, we're going to make these kind of decisions to safeguard our financial system in the future.

I talked to President-elect Obama about the decision we made. I told the American people, and I told the President-elect when I first met him, that anytime we were to make a big decision during this transition, he will be informed, as will his team.

Secretary Paulson is working closely with the President-elect's transition team. It's important for the American people to know that there is close cooperation. It's important for the American people to know that we will safeguard the financial system as the first step necessary for financial -- or for economic recovery. And so, Mr. Secretary, thanks for your hard work. Appreciate it. Thank you.

END 10:27 A.M. EST

(*) Citigroup


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