US financial markets are strong and solid: Bush

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President George W Bush said that while there is some concern about slowing US economic growth, the "financial markets are strong and solid."

Bush spoke after meeting with his top economic advisers about possibly drafting a package to stimulate the economy as it weathers the housing slump, rising oil prices and an uptick in unemployment.

"This economy is on a solid foundation," but it can't be taken for granted and there are some signs of concern that require the administration and Congress to be diligent in ensuring economic strength, Bush said. Sitting around a table with his economic advisers at the White House, the President said the worst thing lawmakers could do is raise taxes.