Tuesday July 15, 07:06 PM
Bush Is Bullish On US Economy
By Sky News
President Bush claims the US economy is showing "remarkable resilience" and says he has confidence in the long-term foundation of the economy.
He said "the early signs are encouraging" from the impact of a package to stimulate
the economy and that the country would emerge "stronger than ever before" from its current slump.
Mr Bush defended the banking system and said depositers should not be concerned because their deposits were insured in the event of any failure.
"I think the system basically is sound. I truly do," he told a news conference. "I understand there's a lot of nervousness. (But) the economy's growing, productivity is high, trade is up. People are working."
The president urged Congress to act quickly on a plan to shore up housing finance giants Fannie Mae and Freddie Mac.
He said they must be able to continue providing access to credit and the mortgage lenders should remain owned by shareholders.
"We must ensure that they can continue providing access to mortgage credit during this time of financial stress," Mr Bush added.
A plan announced on Sunday gives the struggling finance giants that underpin trillions of dollars in home loans access to Federal Reserve credit and a temporary increase, pending congressional approval, of their lines of credit from the US Treasury.
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