(Adds Bush quotes, background)
WASHINGTON Feb 26 President George W. Bush on
Tuesday said the U.S. economy was not in a recession and that
he believed it would not fall into a downturn.
"We're not in a recession, I don't think we will go in a
recession. We're in a slowdown, and there's a difference," Bush
said in an interview with American Urban Radio Networks.
Bush's comments came on a day when economic reports showed
U.S. consumer confidence slumped to its worst in five years,
and home prices fell 8.9 percent last year.
"No question there's softening now," Bush said. But he
added that he was confident in the resiliency of the economy.
Bush has signed into law a $152 billion package of tax
rebates and business incentives aimed at warding off an
(Reporting by Tabassum Zakaria; Editing by James Dalgleish)