President Bush says the economic damage to the nation will be "painful and lasting" if Congress fails to pass a $700 billion bailout bill.

Bush said Tuesday that "Congress must act" and said the economy is depending on "decisive action on the part of our government." He spoke a day after the House voted narrowly to defeat the massive relief measure that his administration and leading members of Congress had agreed was necessary.

Bush said he wanted to "assure our citizens and citizens around the world that this is not the end of the legislative process."

(Copyright 2008 by The Associated Press. All Rights Reserved.)