Following is the text of a televised speech President Bush made tonight after President Mikhail S. Gorbachev's resignation:

Good evening, and Merry Christmas to all Americans across our great country.

During these last few months, you and I have witnessed one of the greatest dramas of the twentieth century -- the historic and revolutionary transformation of a totalitarian dictatorship, the Soviet Union, and the liberation of its peoples. As we celebrate Christmas -- this day of peace and hope -- I thought we should take just a few minutes to reflect on what these events mean for us, as Americans.

For over 40 years, the United States led the West in the struggle against Communism and the threat it posed to our most precious values. This struggle shaped the lives of all Americans. It forced all nations to live under the specter of nuclear destruction. From Union, a Commonwealth

That confrontation is now over. The nuclear threat -- while far from gone -- is receding. Eastern Europe is free. The Soviet Union itself is no more. This is a victory for democracy and freedom. It's a victory for the moral force of our values. Every American can take pride in this victory, from the millions of men and women who have served our country in uniform, to millions of Americans who supported their country and a strong defense under nine presidents.

New, independent nations have emerged out of the wreckage of the Soviet empire. Last weekend, these former republics formed a Commonwealth of Independent States. This act marks the end of the old Soviet Union, signified today by Mikhail Gorbachev's decision to resign as President.