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• Jan 4, 2008 2:00 pm US/Eastern
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  Bush: Financial Markets 'Strong'

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Bush: Financial Markets 'Strong'

WASHINGTON (AP) ― President Bush said Friday that while there is some concern about slowing economic growth, the "financial markets are strong and solid."

Bush spoke after meeting with his top economic advisers about possibly drafting a package to stimulate the U.S. economy as it weathers the housing slump, rising oil prices and an uptick in unemployment.

"This economy is on a solid foundation," Bush said. But he also said it can't be taken for granted and there are some signs of concern that require the administration and Congress to be diligent in ensuring economic strength.

Sitting around a table with his economic advisers in the Roosevelt Room, the president said the worst thing lawmakers could do is raise taxes.

He said legislation could be passed to help Americans refinance their homes. He also called for expanding petroleum refining capacity and exploring for energy in "environmentally friendly ways."

(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)