In his weekly radio address, the Republican U.S. president said the rescue effort is vital for the nation's economic future. He called on both Democrats and Republicans to support it.

"Our nation's economic well-being is an issue that transcends partisanship," Bush said.

He said that even though the proposal may seem to benefit only financial firms, its passage was vital for Main Street as well as Wall Street.

"When the government asks you to pay for mistakes on Wall Street, it does not seem fair. And I understand that," Bush said. "And if it were possible to let every irresponsible firm on Wall Street fail without affecting you and your family, I would do it. But that is not possible. The failure of the financial system would mean financial hardship for many of you."

Bush warned that failing to implement the rescue plan would "put our economy on the path toward a deep and painful recession."

He noted the mortgage-backed securities at the heart of the crisis have value.