Federal Reserve Chairman Ben Bernanke declared Wednesday that economic growth depends on stabilizing financial institutions as the White House said President Bush was weighing a speech to the nation on the continuing turmoil in the markets.

Bernanke told Congress' Joint Economic Committee that the Federal Reserve will "act as needed" to minimize disruptions to business life. His appearance came a day after he and Treasury Secretary Henry Paulson heard withering criticism of the Bush administration's proposed $700 billion bailout plan and not long after Bush said he was confident an agreement would be reached soon on a "robust" plan to relieve the stress.

Lawmakers have sharply second-guessed the bailout plan. On Wall Street Wednesday, the financial markets remained tense, with stocks fluctuating, following investor Warren Buffett's decision to invest $5 billion in Goldman Sachs Group Inc. The credit markets showed added strain as investors await news about the government's plan to rescue banks from crippling debt.

Meanwhile, Bush's chief spokeswoman, Dana Perino, revealed that the president is thinking about a national speech and said the country is at risk of a "calamity" without bold action to calm down the markets and soothe nervous Americans.

Amid a raft of statements of anger and doubt about the bailout plan, Sen. Lindsey Graham said Wednesday that "it's not my job to just echo people being mad. I'm going to choose the bad choice over the catastrophic choice."

Speaking to South Carolina reporters, the Republican said, "We don't have the luxury of kicking this can down the road like we did with immigration or social security and dealing with it another day hoping somebody braver than us will come along and have courage that we can't muster to deal with immigration or social security. This is on our watch."

Reflecting the urgency of the situation, White House officials revealed that Bush had taken Air Force One back to Washington from a meeting of the U.N. General Assembly in New York and said he was canceling a planned fundraising trip to Florida to help the Republican Party. Bush had canceled a similar trip last week.

She said Bush has been trying to address the public's many questions and concerns and was weighing whether, when and where to have such a speech.

In connection with talks on the bailout bill, executives whose companies get a piece of the assistance would have their pay packages strictly limited under proposals that broadly supported by both Republicans and Democrats.

The administration was resisting that move as it scrambled to overcome widespread misgivings and swiftly push through its plan to rescue tottering financial firms by buying up their rotten assets.

Lawmakers in both parties are demanding changes to the administration's rescue proposal despite dire warnings from top economic officials of recession, layoffs and lost homes if Congress doesn't approve it quickly. Both parties' presidential candidates also insist on alterations to the drastic prescription.

Congressional leaders say they are working to approve the rescue by week's end, but the chances of a quick deal were dwindling.

"Just because God created the world in seven days doesn't mean we have to pass this bill in seven days," said Rep. Joe Barton, R-Texas.

Rep. Barney Frank, D-Mass., the House Financial Services Committee chairman, was in intense negotiations with Treasury Secretary Henry Paulson on key elements of the plan.

"As long as it looks as if we are seriously engaged, it's not too late" to act, Frank said.

Sen. Charles Schumer, told CNN Wednesday: "We proposed some kind of FDIC for all financial services companies. They would pay a fee every month and that would go into helping pay for this plan. It won't pay for all of it."

Law enforcement officials, meanwhile, said Tuesday that the FBI was investigating four major U.S. financial institutions whose collapse helped trigger the bailout plan.

Two law enforcement officials said the FBI was looking at potential fraud by mortgage finance giants Fannie Mae and Freddie Mac, and insurer American International Group Inc. Additionally, a