President George W. Bush warned that the United States was in the middle of a serious financial crisis that could push the economy into a long-term recession if the government did not act. In a televised address aimed at persuading the public to support a $700 billion financial bailout being negotiated with Congress, Bush said his "natural instinct" was to oppose government intervention in the financial sector, but the financial turmoil called for a different approach. "I believe companies that make bad decisions should be allowed to go out of business," Bush said. "Under normal circumstances, I would have followed this course. But these are not normal circumstances. "He cited a market that was not functioning properly, a widespread loss of confidence and major financial sectors at risk of shutting down. More financial distress could lead more banks to fail, the stock market to drop further, businesses to close, job losses and home values to drop, Bush said. "And, ultimately, our country could experience a long and painful recession," Bush said. "Fellow citizens, we must not let this happen."