BETHESDA, Md. (CNN) -- President Bush on Friday hailed the supplemental spending bill for the Iraq war as a "bipartisan effort" that demonstrates "what can happen when people work together."

Noting that Democratic leaders had vowed to approve a bill the president would sign before the Memorial Day recess, Bush said they had done so "and I appreciate that very much."

Bush planned to sign the spending bill Friday in a private ceremony.

The bill -- after months of back-and-forth between Democratic congressional leaders and the White House -- omits any timetables for the Iraqi government or a scheduled U.S. pullout, but includes "benchmarks" for the Iraqi government to meet. Failure to meet them could result in a reduction of U.S. funding, although the bill allows the president to waive penalties.

Bush had rejected previous versions.

He called the new version "a good bill" that didn't "tell the military how to do its job, but also sent a clear signal to the Iraqis that there's expectations here in America, expectations that we expect about how to move forward.

"I look forward to continuing to work with the prime minister and his government in meeting those expectations," he said.

After visiting wounded troops at the National Naval Medical Center in Bethesda, Bush made brief remarks on camera. He praised the soldiers and their families as "remarkably brave and courageous. I'm constantly amazed at the strength of character of those who wear the uniform. To be the commander in chief of such men and women is really an awesome honor."