SNOHOMISH COUNTY, Wash. -- The signs of a floundering economy are all over the county in the forms of empty storefronts, reduced prices on homes and huge discounts on cars and trucks. On Wednesday desperate business leaders gathered to discuss the economic crisis with lawmakers.

Congressional leaders believe the tanking economy has hit emergency status, and it will hit our state fast. Sen. Patty Murray, D-Wash., and Rep. Rick Larsen, D-Wash., said Congress needs to act now with a huge financial rescue plan.

"It says we're in a world of hurt, and we need to take action quickly. we need to move from financial rescue packages to economic recovery and job growth. And we have to do that now," Larsen said.

Larsen and Murray heard from leaders in aerospace, real estate and banks who all asked for more federal money to retrain workers, boost home sales and revive markets so banks can lend again. And the state's car dealers asked them to approve a $25 billion loan to automakers to keep 22,000 employees on the payroll.

"If the manufacturer doesn't get the bridge loan that they need and they cease to operate, then their retail branches, which are the dealerships, they go under as well," said Tom Lane, a car dealer, at the public hearing. 35:00 "Oh, it's serious. It's an industry that is on the brink."

"Real people are hurting. Small businesses are hurting. People are being laid off. Our social services are being impacted," Murray said. "We're listening to them about what they have to say."

Murray said she'll have tough questions when the automakers return to Capitol Hill. She's working on a $600 billion stimulus package, and said there's not enough for everyone.

"We can't just throw money at projects; we have to be smart about it. That's why today's hearing is so important," she said on Wednesday. "Not everyone is going to get everything they're asking for. We're going to have to be very smart about how we apply people's tax dollars to how we get ourselves out of this."

Murray said this is not another bailout; it's a recovery program and an investment.

"All of us are worried about deficit spending. But the economists have told us this is a time, in order to make sure we don't have larger deficits in the future, you have to stimulate the economy.

"This is not an easy formula, but the fact is, if we don't get our economy moving again and we don't get people back to work, we're going to have even larger deficits in the future than if we don't put some kind of stimulus in place," she said.

Larsen and Murray both said the $600 billion spent on the stimulus package will be lumped on top of the national debt. The longer we wait, they said, the bigger the bailout will have to be.