US president warns consequences of failure to pass economic rescue package would be "painful and lasting"
US president George W Bush has said the US economy is at a “critical moment” following the failure of Congress to pass a $700bn rescue package.
He added: "We are in an urgent situation and the consequences will grow worse each day if we do not act."
The president warned that the economic damage to the US would be "painful and lasting" if Congress failed to pass a bail-out bill, reports the BBC.
The House of Representatives blocked the deal by 228 votes to 205 on Monday.
The House will not meet until Thursday as many members have returned home for the Jewish holiday.
