U.S. President George Bush Tuesday urged House members to reconsider the $700 billion financial markets bailout plan, predicting disaster if nothing happens.

"Our economy is depending on decisive action from the government," Bush said in a statement. "The sooner we address the problem, the sooner we can get back on the path of growth and job creation."

The House voted down the plan Monday, 205-228, before breaking to observe Rosh Hashana Tuesday.

Bush said he can understand and appreciate the difficulty some House members have with the plan to stabilize financial markets, but "the reality is that we are in an urgent situation, and the consequences will grow worse each day if we do not act," he said.

He said administration officials would work with congressional leaders while Congress is in recess to develop a plan lawmakers can approve and he can sign into law.

"We're at a critical moment for our economy, and we need legislation that decisively (addresses) the troubled assets now clogging the financial system, helps lenders resume the flow of credit to consumers and businesses, and allows the American economy to get moving again," he said.