A little more than an hour ago, President Bush spoke to the nation to gain public support for the administration's request for Congress to approve its 700-billion-dollar bailout plan.

Pressing urgently for a massive financial bailout, President Bush said the nation faces a long and painful recession if Congress fails to act.

He said, confusion over responsibility, led to rampant overspending in the financial industry.

"Because these companies were chartered by Congress, many believe they were guaranteed by the Federal Government. This allowed them to borrow enormous sums of money, fuel the market for questionable investments, and put our financial system at risk."

Bush's speech 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.

He said this rescue is aimed at helping the country, not individual companies.