...."The time for debate is over," Mr Bush told reporters in Washington. "I will not accept any temporary extension."
The current legislation, last extended in August, will expire on Saturday.
The Protect America Act, which amends the Foreign Intelligence Surveillance Act of 1978, allows the US authorities to tap into phone calls and e-mails to or from the United States, as long as the target is abroad.
Previously, they had to seek approval from a special court in advance.
The act did not, however, grant immunity to the telecommunication companies who have been co-operating with the government since it was passed.
Several lawsuits have since been filed against them by campaigners for collaborating with the US authorities and violating privacy laws.
'Flow of intelligence'
On Tuesday, the Senate approved full legislation which would authorise the surveillance of foreign terror suspects for another six years and included the provision of immunity for telecommunication companies.
However, the legislation still needs to be backed by the House of Representatives, where leading Democrats have reportedly proposed extending the temporary legislation for another three weeks.
But speaking at a news conference in the Oval Office, President Bush said he would not accept another extension, insisting Congress should pass permanent legislation before the current law expires at midnight on Saturday.
"It's time for Congress to ensure the flow of vital intelligence is not disrupted," Mr Bush said alongside the Director of National Intelligence, Mike McConnell.
"It is time for Congress to pass a law that provides a long-term foundation to protect our country and they must do so immediately."
