Bush: Financial markets 'strong and solid'
WASHINGTON (AP) - January 4, 2008 Bush spoke after meeting with his top economic advisers about
possibly drafting a package to stimulate the U.S. economy as it
weathers the housing slump, rising oil prices and an uptick in
unemployment.
"This economy is on a solid foundation," Bush said. But he
also said it can't be taken for granted, and there are some signs
of concern that require the administration and Congress to be
careful to ensure economic strength.
"There are signs that cause us to be ever more diligent in
making sure good policies come out of Washington," he said.
Sitting around a table with his economic advisers in the
Roosevelt Room, the president warned Congress against taking steps
that would increase taxes. "If the foundation is strong yet
indicators are mixed, the worst thing Congress could do is raise
taxes," Bush said.
He said legislation could be passed to help Americans refinance
their homes. He also called for expanding petroleum refining
capacity and exploring for energy in "environmentally friendly
ways."
Bush met with the group of advisers - his first with them as a
group - the same say that the Labor Department reported that hiring
practically stalled in December, driving the nation's jobless rate
up to a two-year high of 5 percent. The report, which fanned fears
of a recession, indicated that employment conditions are
deteriorating, strained by the housing crisis and credit crunch
that are sapping economic strength. On Wall Street, stocks tumbled.
"While there is some uncertainty, the report is that our
financial markets are strong and solid," Bush said.
