Washington- With a worried eye on plunging stock values a day after lawmakers rejected his financial rescue plan, US President George W Bush Tuesday again insisted that the US Congress act and warned of "urgent" consequences if it doesn't.

On Monday, the House of Representatives rebuffed a 700-billion- dollar life raft for Wall Street in a 228-205 vote. Bush's own Republicans voted against the plan by a 2-to-1 margin. Congress is closed on Tuesday for the Jewish New Year celebrations but will reopen on Wednesday.

In the US alone, share prices shattered records with their sudden dive.

Bush noted that Americans alone lost 1 trillion dollars in Monday's decline and warned of the impact on the retirement accounts and personal savings of millions of people.

He said if the country "continues on this course," the harm will be everlasting.

Bush said the plan did not represent a choice between government action and the free market.

"Our country is now facing a choice between action and the real prospect of economic hardship for millions of Americans," Bush said. "For the financial security of every American, Congress must act." (dpa)