President Bush has urged Congress to reach an agreement on terrorism insurance legislation by the end of today.

Bush and Senate Democrats have been blaming each other for holding up a deal which both camps are describing as vital to the economy.

The deal is an attempt to respond to a shortage of terrorism coverage since the attacks on the World Trade Center and the Pentagon.

Disagreement still reigns over whether property owners should be shielded from damage awards in civil lawsuits.

The White House supports a provision in the House bill that bans all punitive damage awards. Senate Democrats do not want property owners to be completely off the hook.

Bush said: "Without coverage, the economic impact of another terrorist attack would be incredibly serious.

"We could face a string of bankruptcies and loan defaults and layoffs that would intensify the economic effects of an attack. Enacting terrorism insurance will cost us nothing if we experience no further attacks."

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