Bush Says US Economy Not in Recession (1/2)

New economic data shows the U.S. economy barely grew in the last quarter of 2007.

Some economists say that is another sign the nation is moving toward a recession, but President Bush is more optimistic.

"I don't think we're headed to a recession, but no question we're in a slowdown,"

At a White House news conference, the president said robust action has been taken to prevent a recession, a reference to the economic stimulus package recently passed by Congress that will put rebate checks into the hands of many taxpayers and provide businesses with investment incentives.

"Consumerism is a significant part of our GDP growth, and we want to sustain the American consumer, encourage the American consumer and, at the same time, we want to encourage investment."

Mr. Bush was asked if growing public unease about the economy might hurt his Republican Party in this year's presidential election.

He refused to answer directly, saying his concern when dealing with the economy is not politics but the welfare of the American people. And yet, it is clear that the upcoming election may, in part, prove to be a referendum on the president's economic policies.