Bush admits US' economic slither

President George W Bush admitted on Friday that the United States is going through "tough times" amid fears that the economy has slid into recession, but assured Americans that the underlying strength of the economy would lead to a rebound.
The country is "obviously going through tough times," he said but expressed confidence that the action taken by the government would put the economy back on track.

Addressing the Economic Club of New York, Bush also called on the Congress to take steps to alleviate the difficulties faced in the housing market and modernise the Federal housing administration.