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Bush, Fed Chief See No Recession Ahead
Thursday February 28, 5:29 pm ET
By Jeannine Aversa, AP Economics Writer
Bush, Fed Chief See US Weathering Economic Storm; Recession Not Seen on the Horizon
WASHINGTON (AP) -- The economy is in turmoil, yet President Bush and Federal Reserve chief Ben Bernanke say the country will weather the storm. Neither sees a recession on the horizon.
Both Bush and Bernanke are on the front lines of the government's efforts to right an economy that increasing numbers of economists fear is on the verge of its first recession since 2001, if it hasn't fallen into one already.
The housing market's collapse, a credit crisis and galloping energy prices are crimping spending and investing. Those are mighty punches to a teetering economy that nearly stalled at the end of last year.
Bush and Bernanke acknowledged the dangers Thursday. But Bush, at a White House news conference, and Bernanke, in congressional testimony, seemed to strike the same hopeful note that the economy should be able to survive the fallout.
"I don't think we're headed to a recession, but no question we're in a slowdown," Bush said.
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Oil prices, which have set records in recent days, shot past $102 per barrel Thursday. Pump prices rose closer to record territory above $3 per gallon, with the prospect of $4 gasoline when the busy summer driving season arrives.
"That's interesting. I hadn't heard that. ... I know it's high now," Bush said during reporters' questioning.
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