Speaking Saturday at a Washington news conference with Colombia President Alvaro Uribe, Bush said the sweeping proposal, which would be the biggest intervention by the U.S. government into the financial markets since the Great Depression of the 1930s, was sorely needed, CNN reported.

"It is a big package because it's a big problem," Bush said. "The risk of doing nothing far outweighs the risk of the package."

Earlier Saturday in his weekly radio address, Bush acknowledged the government measures require putting significant taxpayer dollars on the line.

"But I'm convinced that this bold approach will cost American families far less than the alternative," he said.

U.S. Treasury Secretary Henry Paulson was to continue working on the proposal during the weekend, with Democratic congressional leaders saying it could come up for a vote within days, CNN said.