US President George W Bush has warned the US economy is at a "critical moment" as he vowed to get his Wall Street rescue plan through Congress.
Mr Bush made the pledge a day after the US House of Representatives blocked the $700bn (Ј380bn) deal.
He said he wanted to reassure citizens of the US - and the wider world - that the current political deadlock would be resolved soon.
World stock markets have had another volatile day.
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Merkel urges China to work for success in talks with Dalai Lama ... situation and the consequences will grow worse each day if we do not act," Mr Bush said at the White House.
In Brussels, the European Union earlier urged Washington to live up to its special responsibility and demonstrate statesmanship to resolve the global credit crisis.
Republicans and Democrats have been blaming each other for the failure of the rescue plan, which was rejected by 228 to 205 votes in the House of Representatives on Monday.
About two-thirds of Republican lawmakers refused to back the rescue package, as well as 95 Democrats in tense scenes rarely seen on the House floor.
The House is not due to meet again until Thursday as many members have gone home for the Jewish holiday.
(BBC)
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