"We've given the Iranians a limited period of time _ you know, weeks not months _ to digest a proposal to move forward," Bush told reporters after meeting with Danish Prime Minister Anders Fogh Rasmussen at Camp David.

"If they choose not to verifiably suspend their program, then there will be action taken in the U.N. Security Council," Bush warned.

It was reported that the package, presented Tuesday to the Iranian government by the European Union's foreign policy director Javier Solana, includes a promise of western technical help in developing peaceful civilian nuclear energy it stops enriching uranium.

It also includes a waiver of U.S. legal restrictions to allow the purchase of American agricultural technology, access to U.S. aircraft parts to upgrade Iran's aging fleet and U.S. and European backing for Iran to join the World Trade Organization.

The proposal was agreed on last week by the United States, Britain, France, Russia, China and Germany.