After months of maintaining an optimistic outlook, President George W. Bush today acknowledged that the U.S. economy was indeed experiencing a “slowdown,” reports Reuters. But he insisted that the tax rebates arriving in mailboxes across the country would offset the sluggishness, and added that the economy, while slow, was not in a recession. Meanwhile, United Nations Secretary General Ban Ki-Moon scheduled a meeting in Bern, Switzerland next week to discuss efforts to avoid a global food crisis; the Christian Science Monitor reports that Rep. Barney Frank as chair of the House Financial Services Committee is working overtime to try to solve the nation’s housing crisis; and gas prices near $4 a gallon with, according the the New York Times, no relief in sight.
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