"Without immediate action by congress, America could slip into a financial panic and a distressing scenario would unfold." That scenario, according the commander in chief, would involve a "long and painful recession".
"The market is not functioning properly. There's been a widespread loss of confidence," said Bush as he addressed the plight of ordinary Americans. "Given the situation we are facing, not passing a bill now would cost these Americans much more later."
Still, many in congress maintain a deal will only get done this week if the White House is willing to compromise.
"The bill the president has proposed is not going to pass. It is just a blank check of a huge amount of money all going to Wall Street and none of it to protect taxpayers," said Senator Charles Schumer (D) New York.
Even Republicans are demanding answers from Treasury Secretary Henry Paulson and Fed Chair Ben Bernanke.
"I need you to tell that guy on his couch, so when he watches the 6 o'clock news, what happens. Is he going to be out of a job?" asked Congressman Steven Latourette (R) Ohio.
And while Senator John McCain announced plans to suspend his presidential campaign, insisting Friday night's debate should be postponed; Barack Obama was having none of it.
"All we must do is temporarily set politics aside," said John McCain.
"Candidate presidents are going to have to deal with more than one thing at a time," said Barack Obama.
House and Senate leadership along with Senators McCain and Obama will meet this afternoon at the White House, to hammer out a bi-partisan solution to the economic crisis as soon as possible.
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