US President George W. Bush said he is committed to making sure the US economy grows next year, and pledged to work with Congress to see that it happens.
"My resolution for the new year is this: to work with Congress to keep the economy growing, to keep your tax burden low and to ensure that the money you send to Washington is spent wisely -- or not at all," Bush said yesterday in his final weekly radio address of the year.
Bush has been seeking to reassure Americans that the economy remains sound, even as household costs and home foreclosures rise. The deepest housing recession in 16 years, the higher cost of obtaining credit and a drop in consumer spending likely pushed gross domestic product down to an annual growth rate of 1 percent for the fourth quarter from 4.9 percent in the third, according to the median estimate of 63 economists surveyed by Bloomberg.
The Bush administration is considering options to prevent a recession in the new year, Bush said in a Dec. 20 news conference, without offering details.
In his radio address yesterday, Bush said Congress can help by passing legislation to make health care coverage more affordable, and by acting on his proposals to assist families with rising mortgage payments in keeping their homes.
Federal Reserve officials in a Nov. 20 addendum to the minutes of their Oct. 30 rate policy meeting lowered their expectations for economic growth in the new year to 1.8 percent, the middle range of forecasts. The median estimate of 63 economists surveyed by Bloomberg News is for 2.3 percent growth.
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