Bush says economy resilient despite slim GDP growth
TORRANCE, California (Reuters) - President George W. Bush said on Wednesday the U.S. economy is slowing but is resilient and would overcome problems as it has in the past, following a government report showing growth slumped at the end of last year.
U.S. gross domestic product grew at a meager annual rate of 0.6 percent in the fourth quarter of 2007, a weaker reading than the 1.2 percent rate forecast by economists.
"There are signs that our economy is slowing. There's some uncertainty in the economy. But in the long run you've got to be confident about your economy," Bush said during a visit to a helicopter factory in California.
"Our economy is flexible, it is resilient. We've been through problems before," he told employees at the Robinson Helicopter Co.
It was his first stop on a three-day Western swing to promote themes from his State of the Union address on Monday about trade, the economy, and fighting terrorism.
Bush pressed Congress to quickly approve a $146 billion economic stimulus package aimed at staving off a possible recession through tax rebates and other measures.
The House of Representatives approved the plan on Tuesday, but there is concern that it may become bogged down in the Senate over demands to include more spending for roads and other programs.
"Whatever the Senate does, they should not delay this package. They should not keep money out of your pocket," Bush said. "So my attitude is, if you're truly interested in dealing with the slowdown of the economy, the Senate ought to accept the House package, pass it, and get it to my desk as soon as possible."
Bush also pressed Congress to approve free-trade agreements with Colombia, South Korea and Panama.
"Free trade means good-paying jobs for Americans, and so Congress needs to pass these agreements for the sake of economic vitality," Bush said.
House Majority Leader Steny Hoyer, a Maryland Democrat, said it was "doubtful" the trade pacts would be approved this year.
California Gov. Arnold Schwarzenegger accompanied Bush on the tour of the factory, which exports 70 percent of its helicopters to foreign markets including Colombia.
(Edited by Chris Wilson)
