President Bush Plans Bullish Speech on Long-Term Economy

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White House (AP) President Bush is sounding an upbeat message on the economy.

A White House spokesman says Bush will use a speech at the New York Economic Club today to send a message that better times are coming. The administration is urging consumers to have confidence in the long-term future of the economy. He'll say that the benefits of the tax relief and economic stimulus package should be felt soon, and the federal reserve is taking steps to encourage economic growth.

The president's New York speech comes as many economists think the country may be in the midst of a mild recession. That's due to a combination of factors including the prolonged housing slump, the credit crunch, and oil prices. The White House isn't using the “r” word, but a spokesman agrees the economy is in a rut.