    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book II)]
    [November 7, 2008]
    [Pages 1351-1352]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on the National Economy
    November 7, 2008

        Today we received monthly job report numbers that reflect the
    difficult challenges confronting our economy. We are in the midst of a
    global financial crisis, and tight credit markets have made it harder
    for businesses to borrow the money they need to meet their payrolls,
    grow, and create new jobs.
        The Federal Government has taken aggressive and decisive measures to
    address this situation. It will take time for these measures to have
    their full impact on an economy in which many Americans are struggling.
    But in recent days, we have seen some encouraging signs. The market for
    lending between banks has loosened considerably, and the Federal
    Reserve's efforts to stabilize the commercial paper market have provided
    businesses with an urgently

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    needed source of financing for day-to-day operations.
        In the weeks ahead, my administration will continue working to
    return our economy to the path of prosperity and growth. I will continue
    urging Members of Congress to approve free trade agreements with
    Colombia, Panama, and South Korea, and I look forward to hosting an
    international financial summit with leaders of both developed and
    developing nations on November 15.
        I understand that Americans remain deeply concerned about the
    challenges facing our economy, but our economy has overcome great
    challenges before, and we can be confident that it will do so again.

    Note: The Office of the Press Secretary also released a Spanish language
    version of this statement.