The Federal Reserve has lowered its projection for economic growth this year, spurring fears that the economy could continue to weaken despite January's interest rate cuts, Wednesday, Feb. 20, 2008. (AP / CBS)
White House (AP) President Bush says the current economic slump may be challenging, but he says the nation's financial institutions are strong.
Bush met today with Treasury Secretary Henry Paulson and other top economic advisers as markets around the world remain in turmoil.
The president says he and his senior aides “agree that our financial institutions are strong.” he admits, however, that “we're dealing with a difficult situation” with uncertain stock markets, oil prices at record highs and the dollar posting record lows.
Later today, Bush will meet with his working group on financial markets, which includes Paulson, Federal Reserve Board Chairman Ben Bernanke and the head of the Securities and Exchange Commission.