Bush: U.S. in midst of serious financial crisis

WASHINGTON, Sept 24 (Reuters) - President George W. Bush on Wednesday said the United States was in a serious financial crisis as he tried to convince Americans to support a $700 billion financial rescue plan.

"We are in the midst of a serious financial crisis and the federal government is responding with decisive action," Bush said in a televised national address.

He warned that "the market is not functioning properly," there is widespread loss of confidence, major sectors are at risk, and more banks could fail and threaten sending the U.S. economy into recession. "We must not let this happen," Bush said. (Reporting by Tabassum Zakaria; Editing by Chris Wilson)