[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/09/29/art.bush.ap.jpg caption="Pres. Bush said the bailout will take time to work."]
SAN ANTONIO, Texas (CNN) - President Bush said Monday it will take a while to put an effective financial rescue plan in place after Congress approved a $700 billion scheme to prop up the lending industry.
"We don't want to rush into this situation and have the program not be effective," he said after meeting with small business owners in Texas, adding that he did not want to "waste taxpayers' money."
Bush said the controversial plan was a "big step" towards solving the crisis in finance, which has claimed a number of the country's largest banks and investment banks and has sent stocks plummeting.
He admitted "a lot of people are not pleased" by the plan, but said the public would have been worse off without government intervention.
"Had we not done anything, people like the folks behind me would be a lot worse off," he said.