President Bush hailed the victory of Mahmoud Abbas in the Palestinian presidential race and voiced the US readiness to go extra mile to push for progress in the settlement of the Middle Eastern crisis.

Bush is thinking over a proposal to double the amount of the US aid to the Palestinian Autonomy to bring it up to $200 million, tying the help to the Palestinians’ success in curbing terror.

US President underscored that the presidential vote as well as the upcoming parliamentary elections "are essential for the establishment of a sovereign, independent, viable, democratic, and peaceful Palestinian state that can live alongside a safe and secure Israel."

He also declared that "the United States stands ready to help the Palestinian people realize their aspirations."
Bush says he expects Israel to "improve the humanitarian and economic situation" in Palestine and to realize its plan for withdrawal from the West Bank and the Gaza strip.

Bush says that the Palestinian government and the new president "face critical tasks ahead, including fighting terrorism, combating corruption, building reformed and democratic institutions, and reviving the Palestinian economy."

The outgoing US Secretary of State Colin Powell urged the Israeli leadership to welcome the election of the new Palestinian President with a release of a significant number of prisoners.

Powell’s projected successor, Condoleezza Rice, is expected to visit the area after she gets Senate approval and engage in the resolution of the Palestinian-Israeli conflict.