The President warns that if there's not swift action on bailout legislation the economic damage to the nation will be "painful and lasting," citing the markets.
"We're in an urgent situation and consequences will grow worse each day we do not act."
Also acknowledges "this is a difficult vote for members of Congress," they'll continue to work with leaders on the Hill.
"This is not the end of the legislative process. Producing legislation is complicated and it can be contentious.... What matters is we get a law."
