Bush Dispatches Aid

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President Bush says federal aid is already on the way to Gulf Coast residents reeling from Hurricane Katrina.

The president says there's no doubt Katrina was a "terrible storm." But he says Uncle Sam is ready with a major recovery effort.

While traveling in California, the president approved emergency aid for Louisiana, Mississippi and Alabama. Federal teams are fanning out with everything from generators to baby formula.

Among the steps Bush is reportedly set to take: authorizing a loan of crude oil from America's strategic reserve to make up for lost production from the Gulf of Mexico.