Bush warned that "the legislative process is sometimes not very pretty" but he predicted that Democrats and Republicans will "come together and pass a substantial rescue plan."
Bush is trying to recover from what has been described as a disastrous White House summit Thursday in which he seemed to lose control of the negotiations over the $700 billion bailout plan.
"There is no disagreement that something substantial must be done," Bush said, promising that all parties in Congress will be heard in negotiations.
As Bush spoke, John McCain was meeting with House Minority Leader John Boehner at the Capitol, hoping to get holdout House Republicans on board with some form of bailout package.
On the Senate floor, Democrats had already laid out a clear strategy of dumping responsibility for bailout negotiations on to House Republicans.
"Mr. President, please get your party in line," Sen. Charles Schumer (D-N.Y.) said. "Get House Republicans to be more productive."
Fifteen minutes into trading Friday, the Dow was down 135 points.