U.S. President George W. Bush on Thursday was optimistic about the state of the U.S. economy, but said that it is in a definite “slowdown.” Amidst widespread concern about the health of the U.S. economy and the prospect of a recession, Bush said that the country is not “headed to recession,” but added that “no question, we're in a slowdown.” Speaking to reporters at the White House, Bush said that despite concerns, he is confident in what the newly-passed $157 billion stimulus package could do for the economy. Bush said that the bill that was approved by both the U.S. Senate and House of Representatives was a show of how the U.S. government “acted robustly.” “We'll [Americans will] see the effects of this pro-growth package,” Bush said about the stimulus plan which centers on providing tax rebates to Americans with the hope that they will spend it and revive the slowing economy. Especially with the volatility of the key U.S. housing market, Bush said his administration needs to “help American families keep their homes.” He urged the U.S. Congress to modernize Federal Housing Administration legislation that would allow for home mortgages to be more affordable. Bush also paid attention to the prospect of gas shooting up to $4 a gallon in the United States, and took the increased gas prices as another reason why American's focus should be shifted towards conservation of resources, and the use of renewable energies. He reiterated his message that the United States needs to “be finding more oil and gas at home if we're worried about becoming dependent on oil overseas.” Bush's point was supported by concerns about the weakening of the U.S. dollar in the foreign market, where Bush said that he believes in a “strong dollar policy.” As the economy is undoubtedly slowing, Bush said that it is now extremely important to focus on Free Trade Agreements especially since the majority of the U.S. economy's profit in 2007 came from exports. Pointing to the United States' trade with countries like Columbia, Bush said that he is a “big believer in free trade. And the reason why is I firmly believe that free trade is essential to the formation of high-paying, quality jobs,” which will stimulate the economy.
