U.S. President George Bush said Tuesday he is optimistic about the economy, but recognizes serious issues are affecting it.

"The basics of the economy are good," Bush said during a news conference, explaining his administration is addressing "current issues" including home ownership and the subprime issue.

Measures announced Monday to help homeowners avoid foreclosure and address the subprime credit crunch have been in the works since August, he said.

"It is our belief that we shouldn't bail out lenders," Bush said.

Instead, government officials are working with lenders and service industry officials "to make it easier for qualified buyers to stay in their homes."

"I'm optimistic" about the U.S. economy, Bush said. "But I recognize there are serious issues ... (including) the credit crunch and the home-building industry."  // Copyright 2007 by United Press International




Publication date: 04 December 2007   

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