America will face "financial panic" and a "long and painful recession" unless the US Congress passes a rescue package immediately, President George Bush has said.
Mr Bush said the US needs to put its economy "back on track" as Congress was considering a $700bn rescue plan to tackle the "extraordinary" financial crisis gripping the nation.
In his televised prime-time address to the nation, the president also confirmed he had invited both presidential candidates and the leaders of the House and Senate to the White House in a bid to secure the Bill to rescue the foundering US economy.
The rescue package, which has caused serious concerns due to the amount of taxpayers' money involved and the unprecedented private sector intervention, was aimed at "preserving America's overall economy", not saving individual companies, Mr Bush said.
America would face a "long and painful recession" if Congress failed to act and "major sectors of America's financial system are at risk of shutting down", he said. "Our entire economy is in danger."
These are "not normal circumstances" and "without immediate action by Congress, America could slip into a financial panic," Mr Bush said.
"Our economy is facing a moment of great challenge, but we've overcome tough challenges before and we will overcome this one," Mr Bush said.
His speech aimed to explain the rescue package, and the need for it, to the American public, but also to keep pressure on frustrated and angry lawmakers to work out a bipartisan deal quickly.
Mr Bush said the goal was to help the US government to buy up troubled assets so that credit could start flowing again and the economy would rebound.
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He also explicitly endorsed several of the changes that have been demanded in recent days from the right and left of the political spectrum. But he warned that he would draw the line at regulations he determined would hamper economic growth.
