This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7297048.stm

The article has changed 4 times. There is an RSS feed of changes available.

Version 0 Version 1
Bush reassures over economic woes Bush reassures over economic woes
(10 minutes later)
President George Bush has attempted to restore confidence in the US economy, amid the deepening financial crisis.President George Bush has attempted to restore confidence in the US economy, amid the deepening financial crisis.
Speaking at the Economic Club of New York the President acknowledged that growth had slowed but said that the economy is basically sound.Speaking at the Economic Club of New York the President acknowledged that growth had slowed but said that the economy is basically sound.
He said the economy was "obviously going through a tough time."He said the economy was "obviously going through a tough time."
His speech came shortly after one of Wall Street's leading investment banks, Bear Stearns, said it needed emergency funding due to the credit crisis.His speech came shortly after one of Wall Street's leading investment banks, Bear Stearns, said it needed emergency funding due to the credit crisis.
The President said that the Bear Stearns situation was changing fast, but the US Federal Reserve and the US Treasury had the situation in hand.
He also admitted that the credit crisis is having a knock-on effect to the broader economy by making banks less able to lend money.
"Hard working Americans are concerned about their families and their bills, " the President said.
Consumer confidence slips
That was supported by the latest report on US consumer confidence from the University of Michigan.
Its index of confidence slipped in early March compared to February to near record lows.
"There was nearly unanimous agreement among consumers that the economy was now in recession," said Richard Curtin, director of the survey.
President Bush said that tax rebates agreed with Congress would start taking effect later this year, which should help boost the economy.