Bush Pledges to Stay On Top of Economic Situation

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White House (AP) President Bush says he'll stay on top of things as the government works to revive a sagging economy.

Bush says the federally backed buyout of Bear Stearns by JPMorgan Chase will help protect the economy.

The president says the deal backed by federal asset guarantees has prevented damage to financial markets. He's promising the government will continue to monitor the markets and “act decisively” when need be.

And despite the bust-up of Wall Street's fifth-biggest investment bank, Bush says America’s economic fundamentals remain strong. He is heading to Florida today to warn against something he thinks would undermine them -- trade protection.

Bush will use a Jacksonville speech to defend the North American Free Trade Pact, and call on congress to approve a pending deal with Colombia.