US Treasury Secretary Henry Paulson said today there was an urgent need for a stimulus programme to boost the economy but denied any danger of stalling.
"This is not an emergency. There is an urgent need," Mr Paulson said about plans to develop a rescue plan for an economy hit by a housing crisis, a credit crunch and soaring oil prices.
"The long-term fundamentals of our economy are strong," Mr Paulson said. "We believe the economy is going to continue to grow slowly here, but it has slowed down, and the risks are to the downside, and the President is very focused on taking actions quickly that will give a boost to our economy as soon as possible this year".
Mr Bush is to outline his plans for a stimulus package later today.
Mr Paulson gave interviews to all three major television networks to offer a message of reassurance that the Bush administration was intent on getting agreement on a stimulus package quickly.