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Bush rules out US recession fears Washington (AFP) Feb 28, 2008 US President George W. Bush on Thursday rejected fears the country was slipping into recession, ruling out a second stimulus package as he also urged Congress to pass controversial wiretap laws. "We've acted robustly and now it's time to determine whether or not this program will actually work," Bush said, referring to a 168-billion-dollar stimulus plan he signed into law in early February. "There's no question the economy's slowed down," he said at a White House news conference. "I don't think we're headed to a recession." He was speaking as the government said the US economy expanded at a sluggish 0.6 percent annual pace in the fourth quarter, in a report that left unrevised its prior estimate of output growth. Analysts had expected a slight upward revision to 0.8 percent for the quarter, which remains the weakest since late 2002. The Commerce Department report confirms a sharp slowing of the world's biggest economy from a robust pace of 4.9 percent in the third quarter. It leaves unrevised the 2007 full-year growth estimate at 2.2 percent, following 2.9 percent in 2006. Bush also scolded US lawmakers for dragging their feet over an amendment to intelligence laws to allow security agencies to eavesdrop on foreign telephone calls and intercept emails. The issue was a "very urgent priority," the US president said, adding "the House's failure to pass this law raises the risk of reopening a gap in our intelligence gathering and that is dangerous." The House of Representatives let the law expire on February 16 after it refused to rubber stamp a Senate bill that would give telecommunication companies immunity from lawsuits if they took part in wiretapping programs. "Without the cooperation of the private sector we cannot protect our country from terrorist attack," Bush warned. The US president also urged Congress to press ahead with funding for the troops in Iraq, rejecting "the same old call" to withdraw US forces which invaded in March 2003 to topple late dictator Saddam Hussein. He highlighted progress which he said was being made on the ground since extra troops were poured into Iraq last year saying the "situation had turned around." "Since the surge began high-profile terrorist attacks are down, civilian deaths are down, sectarian killings are down, our own casualties are down." Yet "in the face of these changes on the ground, congressional leaders are still sounding the same old call for withdrawal." But Bush did urge Turkey to withdraw its forces from northern Iraq and end an offensive against Kurdish rebels there "as quickly as possible." He said he agreed with Defense Secretary Robert Gates "who said the incursion should be limited and should be temporary in nature." "The Turks need to move quickly, achieve their objective and then get out ... as quickly as possible," he said. Turning to Russia, Bush said he aimed to preserve US ties in the interests of future cooperation between the incoming leaders of both countries. "US-Russian relations are important. It's important for stability, it's important for our relations in Europe," Bush told press conference here. "Therefore, my advice is to establish a personal relationship with whoever is in charge of foreign policy in Russia." But he ruled out any talks with new Cuban President, Raul Castro, who took office in the communist-ruled island on Sunday, saying he was a "tyrant" lacking legitimacy and unworthy of bilateral leadership-level talks. "It will send the wrong message," Bush said. "It will give great status to those who have suppressed human rights and human dignity." But he did vow to press Chinese leaders on human rights and religious freedoms when he attends the Beijing Olympics later this year. "I will talk about the religious freedom and the importance of China recognizing that if you're allowed to worship freely it will benefit the society as a whole." Bush also told reporters he would raise Darfur and Iran and Myanmar during his visit to Beijing. "I am not in the least bit shy," he added. Community Email This Article Comment On This Article Related Links The Economy
As China's inflation soars, world fears knock-on effects Shanghai (AFP) Feb 24, 2008 As China's factory floors feel the pressure from spiralling costs, there is growing nervousness in the rest of the world that the Asian giant's next big export could be inflation. |
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