President Bush, seeking to bolster faith in the economy amid fears of a recession, acknowledged on Friday the United States was going through hard times but said growth would resume over the long run because economic fundamentals were sound. Democratic presidential candidate Clinton countered that much of the country was already in a recession.
With oil prices at record highs, the mortgage market on the verge of meltdown and the specter of recession looming, Bush has been scrambling to halt the slide in the economy.
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