Bernanke insisted that despite concerns about “slowing growth,” the economy remained “extraordinarily resilient.”

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,” Paulsen said.

Democratic leaders said they were hopeful about reaching a deal in a few days, but they could end up feuding with 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.

Bush and many Republican lawmakers have argued that any stimulus measure has to include incentives for businesses to spur job creation.

Whatever the merits of that move might be, he told lawmakers, the Bush tax cuts were a matter of long-term fiscal policy that should not be entangled with a short-term stimulus program.