Pressing urgently for a massive financial bailout, President George W. Bush has warned "our entire economy is in danger."
Speaking in dire terms, Mr Bush pushed for a $US700 billion government rescue plan during a televised address to the nation.
"We are in midst of serious financial crisis," he said.
His move was aimed at explaining the package to the American public, but also to keep pressure on frustrated and angry lawmakers to work out a bipartisan deal fast.
Mr Bush said the goal is to help the government buy up troubled assets so that credit can start flowing again and the economy will rebound.
Mr Bush indicated that if the rescue package wasn't passed through Congrees in a timely manner then more banks could fail, possibly leading to a recession.
"We must not let this happen," he said.
He said the rescue is aimed at helping the country, not individual companies.
Meanwhile, the presidential candidates have been arguing over whether tomorrow's debate, leading up to the Preseidential election, should go ahead amid the financial crisis.
John McCain has made the unprecendented call to postpone his campaign, along with the first presidential debate, in order to ensure the financial stability of the country while Democrat Barack Obama said his Republican rival was playing politics at a time of crisis.
"What I'm planning to do right now is to debate on Friday," said Senator Obama.
"With respect to the debates, it's my belief that this is exactly the time when the American people need to hear from the person who in approximately 40 days will be responsible for dealing with this mess," he said.
