Bush admits US economy 'is slowing'

Mr Bush insisted the country's long-term economic fundamentals were sound. (Reuters: Jim Young)
US President George W Bush sought to calm Americans' fears about the economy today while charting a course he hopes will keep him relevant in his final year in office.
With the spectre of recession supplanting the Iraq war as the top US concern, Mr Bush acknowledged in his final State of the Union address that growth was slowing but insisted the country's long-term economic fundamentals were sound.
He prodded Congress to act quickly on a $US150 billion ($169 billion) economic stimulus package laid out out last week and resist the temptation to "load up" the plan with additional provisions.
"In the long run, Americans can be confident about our economic growth," he said.
"But in the short run, we can all see that growth is slowing."
A January 20-22 survey by the Wall Street Journal found that 64 per cent of Americans disapprove of Mr Bush's handling of the economy and 67 per cent disapprove of his handling of Iraq, two issues that will shape the race to succeed him.
Politically weakened by the unpopular war in Iraq, eclipsed by the race to choose his successor and scrambling to stave off lame-duck status, Mr Bush presented no bold new ideas.
Mr Bush has urged Americans to be patient with the mission in Iraq almost five years after the US-led invasion.
The previous year has proved the deadliest year for US troops since the 2003 invasion, major political progress has been elusive, and Iraqi officials have suggested that it may not be until 2012 that they can assume full control of security.
Mr Bush touted security gains in Iraq he ascribed to a troop build up ordered last January but gave no hint of any further troop reductions there, asserting that such decisions would depend on his commanders' recommendations.
Calling on Iran to "come clean" on its nuclear program, he issued a stern warning to Tehran, which he had branded part of an "axis of evil" in his 2002 State of the Union speech.
"Above all, know this - America will confront those who threaten our troops, we will stand by our allies, and we will defend our vital interests in the Persian Gulf," he said.
- Reuters/AFP