Bush hits back over economy

United States President-elect George W. Bush yesterday rejected White House criticism that he is "talking down" the US economy for partisan gain.

"One of my responsibilities is to anticipate problems and be prepared to act should they occur," Bush told reporters.

"And were this economy to ... continue to slow down, when I assume the office of the presidency I'll be prepared to act."

The White House reacted with outrage at Bush's warning on Thursday of a "possible slow down" in the economy, even though there is clear evidence of that occurring.

Consumer confidence is down and retailers are reporting poor Christmas sales.

In the third quarter of this year, economic growth was at 2.2 per cent, its slowest pace in four years.

And the tech-heavy Nasdaq stock market has been in free-fall.

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