U.S. Economy Is Fundamentally Strong, President Says
Short-term stimulus package designed to stave off a downturn



Washington -- President Bush and Federal Reserve Chairman Ben Bernanke have emphasized to world economic markets that the U.S. economy remains fundamentally resilient and concerns about a slowdown in growth could be ameliorated by a short-term stimulus package.
"[The U.S. economy] has a strong labor force, excellent productivity and technology, and a deep and liquid financial market that is in the process of repairing itself. So I think we need to keep in mind also that the economy does have inherent strengths and that those will certainly surface over a period of time," Bernanke said during testimony before the U.S. House Budget Committee January 17. Periodically during the year, Bernanke testifies before Congress on the current economic outlook and future trends.
Coinciding with Bernanke's remarks about the continuing strength of the U.S. economy, President Bush announced January 18 that he is asking Congress for a short-term economic stimulus package to help avoid a slowdown in the economy and to help reassure world markets he is prepared to act swiftly.
"Our economy has a solid foundation, but there are areas of real concern. The economy is still creating jobs, though at a reduced pace. Consumer spending is still growing, but the housing market is declining. Business investment and [trade] exports are still rising, but the cost of imported oil has increased," Bush said in a televised White House address

Washington -- President Bush and Federal Reserve Chairman Ben Bernanke have emphasized to world economic markets that the U.S. economy remains fundamentally resilient and concerns about a slowdown in growth could be ameliorated by a short-term stimulus package.
"[The U.S. economy] has a strong labor force, excellent productivity and technology, and a deep and liquid financial market that is in the process of repairing itself. So I think we need to keep in mind also that the economy does have inherent strengths and that those will certainly surface over a period of time," Bernanke said during testimony before the U.S. House Budget Committee January 17. Periodically during the year, Bernanke testifies before Congress on the current economic outlook and future trends.
Coinciding with Bernanke's remarks about the continuing strength of the U.S. economy, President Bush announced January 18 that he is asking Congress for a short-term economic stimulus package to help avoid a slowdown in the economy and to help reassure world markets he is prepared to act swiftly.
"Our economy has a solid foundation, but there are areas of real concern. The economy is still creating jobs, though at a reduced pace. Consumer spending is still growing, but the housing market is declining. Business investment and [trade] exports are still rising, but the cost of imported oil has increased," Bush said in a televised White House address