Bush says economy is on solid ground

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Bush says economy is on solid ground


WASHINGTON (AFX) -- President Bush on Wednesday said the U.S. economy remains on solid footing despite the devastation from Hurricanes Katrina and Rita.

"We've got a resilient and strong economy," Bush said in a speech Wednesday to the Economic Club of Washington.
Bush attributed the economy's flexibility to limited government regulation and low tax rates.

He said these policies have helped the U.S. enjoyed an average GDP growth rate of 3.6% over the past twelve months, "more than three-times more than Europe and nearly twice that of Japan."
Foreigners will continue to invest their savings in the United States, Bush said.

In his speech, Bush quickly went through his economic agenda.
Bush called on Congress to make his tax cuts permanent and to "push the envelope" on spending cuts.
"We've got to redouble our efforts to be wise about how we spend your money," Bush said.