WASHINGTON  As President Bush welcomed the Federal Reserve’s sweeping intervention in the financial markets, his administration faced accusations Monday that it supported the bailout of a prestigious investment bank while doing little to address the hardships faced by Americans facing foreclosures on their homes.

After conferring with his economic aides at the White House in the morning in the first of two meetings on the turmoil, Mr. Bush again sought to project optimism at a time of financial turbulence following the Fed’s brokering of the takeover of Bear Stearns by JPMorgan Chase.

He singled out Treasury Secretary Henry M. Paulson Jr. for praise, saying that he had shown “the country and the world that the United States is on top of the situation.”

“I want to thank you, Mr. Secretary, for working over the weekend,” Mr. Bush said. The president’s remarks and his schedule underscored the growing political concern about the economy on a day that would otherwise have been devoted to traditional St. Patrick’s Day meetings and events.