“It has a strong labor force, excellent productivity and technology and a deep and liquid financial market that is in the process of trying to repair itself,” Mr. Bernanke said. “So I think we need to keep in mind also that the economy does have inherent strengths and that those will certainly surface over a period of time.”

But James W. Paulsen, a strategist at Wells Capital Management, reflected the view of many investors that help from Washington would come too late.

“By the time they actually pass anything, it will be past the time we need it,” Mr. Paulsen said.

Democratic leaders said they were hopeful about reaching a deal in a few days, but they could end up feuding with Mr. Bush over who should benefit most from the stimulus measures.

Democrats are drafting a package that would cost about $100 billion and is likely to include one-time tax rebates for workers, expanded unemployment benefits and other measures aimed at middle-income and low-income people who are most likely to spend any extra money immediately.

Mr. Bush and many Republican lawmakers have argued that any stimulus measure has to include incentives for businesses to spur job creation. But after speaking with the president by telephone, Democratic leaders said they were optimistic about reaching agreement.

“The acknowledgment by the president today of the immediate need for a stimulus package is significant progress,” said the House speaker, Nancy Pelosi of California, after the call. “In the next few days, through bipartisan negotiations, we are hopeful that we will agree on legislation that provides timely, targeted and temporary assistance.”

To be sure, there was grumbling. The Senate majority leader, Harry Reid of Nevada, was irritated that Mr. Bush had abruptly decided to outline a plan on his own instead of developing a bipartisan package with Democrats. “The President’s strategy threatens to unnecessarily politicize the inevitable bipartisan negotiations we will need to quickly enact legislation,” Mr. Reid complained.