US President George W. Bush said today the US economy was depending on decisive action from the government on a financial bailout plan or the economic damage could be "painful and lasting".
"I assure our citizens and citizens around the world that this is not the end of the legislative process," Bush said a day after the House of Representatives rejected a $700 billion plan.
"We're at a critical moment for our economy and we need legislation that addresses the troubled assets...allows the American economy to get moving again."
"If our nation continues on this course the economic damage will be painful and lasting," he told reporters at the White House.