Bush: More Bank Bailouts Like Citi May Be Ahead

President Bush said there may be more government rescues of financial institutions like the $20 billion bailout late Sunday of Citigroup.

"We have made these kind of decisions in the past," Bush said. "We made one last night and if need be, we will make these kind of decisions to safeguard our financial system in the future."

Bush spoke outside the Treasury Department after consulting with Secretary Henry Paulson on the economy, the financial crisis and the government's rescue package for Citigroup.

Bush also said he consulted with President-elect Barack Obama on the Citigroup rescue. "There is close cooperation" between his administration and the Obama camp, Bush said.

The president said the US economy would recover from the current financial crisis and that the government stood ready to help the banking system.

"The first step to recovery is to safeguard our financial system," he said.

—Reuters and AP contributed to this report.