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Bush claims no recession for US Bush claims no recession for US
(10 minutes later)
US President George W Bush has said the United States is not heading towards recession but is in a "slowdown". President George W Bush has said the US economy is not heading towards recession but is in a "slowdown".
The president stated he was concerned about the economy because he cared about "working Americans".The president stated he was concerned about the economy because he cared about "working Americans".
He outlined the timetable for a package of measures aimed at stimulating the economy by encouraging consumers to increase spending.He outlined the timetable for a package of measures aimed at stimulating the economy by encouraging consumers to increase spending.
Mr Bush's comments come a day after Federal Reserve chairman Ben Bernanke hinted at further interest rate cuts.Mr Bush's comments come a day after Federal Reserve chairman Ben Bernanke hinted at further interest rate cuts.
Last month Congress passed a $150bn (£75bn) stimulus package which will mean millions of americans receive tax rebates ranging from $300 to $1200. Congressional wrangle
Mr Bush rejected calls for a second package of measures, telling reporters at the White House press conference: "why don't we let the stimulus package we have a chance to kick in." The idea of just unilaterally withdrawing from a trade treaty ... is not good policy," President George W Bush
Democrats in Congress are tyring to pass additional measures to provide aid to those homeowners facing foreclosure on their mortgages as a result of the sub-prime crisis. Last month Congress passed a $150bn (£75bn) stimulus package which will mean millions of Americans receive tax rebates ranging from $300 to $1200.
Mr Bush rejected calls for a second package of measures, telling reporters at the White House press conference: "why don't we let the stimulus package we have a chance to kick in".
Democrats in Congress are trying to pass additional measures to provide aid to those homeowners facing foreclosure on their mortgages as a result of the sub-prime crisis.
Further slowdown
Mr Bush was speaking as latest government figures showed the economy expanding at its slowest rate since 2002.
His comments on the economy were more upbeat than those of Ben Bernanke, chairman of the US central bank, the Federal Reserve.
Speaking to a congressional committee on Wednesday, Mr Bernanke said economic conditions had become "distinctly less favourable" and could get worse.
President Bush said exports were "essential" to US economic growth and rejected calls to opt-out of the North American Free Trade Agreement (NAFTA) if Canada and Mexico refused to renegotiate the pact.
"There are a lot of farmers and businesses, large and small, who are benefiting from having a market in our neighbourhood. And the idea of just unilaterally withdrawing from a trade treaty ... is not good policy," Mr Bush said.
Responding to a question about the weakness of the US dollar, he said "we believe in a strong dollar policy".