CRI News Reports:Bush: Economy in Slowdown but Not towards Recession

US President George W Bush says the United States is not recession-bound.

Despite expressing concern about slowing economic growth at a White House news conference on Thursday, Bush has rejected for now any additional stimulus efforts.

He acknowledged that some lawmakers are already talking about a second stimulus package.

"Stimulus package two and all that stuff. Why don't we let stimulus package one, which seemed like a good idea at the time, have a chance to kick in?"

Bush has signed a 168 billion dollar economic rescue package to fend off a possible economic recession.

The US economy has slowed down significantly due to a severe slump in housing and a persisting credit crunch stemming from troubles in the subprime mortgage market, where loans are given to homebuyers with weak credit histories.