Washington  - US President George W Bush asked Congress Monday to sign off on the remaining 350 billion dollars of the finance bailout package after receiving a request to release the funds from president-elect Barack Obama.

Bush had said earlier Monday that he was willing to do so if Obama, who takes office in eight days, asked the president to move forward on the 700-billion-dollar bailout for the embattled financial industry.

"President Bush agreed to the president-elect's request," White House spokeswoman Dana Perino said, according to the Washington Post.

"We will continue our consultations with the president-elect's transition team, and with Congress, on how best to proceed in accordance with the requirements of the statute," she said.

Congress approved the rescue plan in October that allows the Treasury Department to pump money in the sector to stave off collapse after risky loans caused record mortgage foreclosures and credit freeze.

The damage inflicted by the finance industry has been largely blamed for the recession inflicting the United States. (dpa)