President Bush tried to, in no uncertain terms, warn Congress Tuesday of the impending doom and gloom if it doesn’t pass an economic recovery package soon.

Bush’s comments came before the market opened Tuesday and one day after $1.2 trillion was lost in Monday’s market – much of which was Americans’ retirements accounts in the form of 401Ks, IRAs and other funds.

"I recognize this is a difficult vote for members of Congress — many of them don’t like the fact our economy has reached this point. I understand that," Bush said. "But the reality is, we’re in an urgent situation and the consequences will grow worse each day if we do not act. The dramatic drop in the stock market we saw yesterday will have a direct impact" on retirement, pensions funds, even further.

Many lawmakers are up for reelection in just a few weeks and have been inundated with phone calls, e-mails and letters from constituents unhappy with the current bailout package.

Saying we’re at a "critical moment for our economy," the president assured the American public that the $700 billion being used for the bank bailout will be paid back to the taxpayers. The choice we’re facing now is not between a plan we might not like and markets that are doing somewhat OK and could get better on their own, he said.

"Our country is not facing a choice between action and the smooth functioning of the free market. We are facing a choice between action and the real prospect of financial hardship for millions of Americans," Bush said. "For the financial security of every American, Congress must act."

Bush said members of his administration today will be working with some members of Congress on what to do next. Congress is officially on holiday until Thursday for the Jewish observances.

GOP aides told The Washington Post that Bush himself on Monday called nearly every member of Texas’s Republican delegation in an effort to get them to support the bailout bill. He won over four of the 19.

"I assure our citizens and citizens around the world that this is not the end of the legislative process," Bush said Tuesday in his address. "It matters little what path a bill takes to become law. What matters is that we get a law."

"If our nation continues on this course, the economic damage will be painful and lasting."

Saying the economy is depending on "decisive action" by the government, Bush added: "The sooner we address the problem, the sooner we get back on the path to growth and job creation."