RAW VIDEO: President Bush News Conference

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Story Published: Jul 15, 2008 at 1:47 PM EST

Story Updated: Jul 15, 2008 at 1:47 PM EST

President Bush is offering reassuring words about the nation's financial system, describing it as ``basically sound.''

He's calling on lawmakers to quickly pass legislation to prop up mortgage giants Fannie Mae and Freddie Mac.

Bush says they play a central role in the nation's housing-finance system.

With soaring gas prices, the real estate slump and the mortgage troubles, Bush told a White House news conference it's ``been a
difficult time for many American families.''

But he said the nation's economy continues to grow -- if slowly.

Bush said depositors shouldn't worry about the safety of their money, since deposits are insured for up to $100,000.

On the economy, Bush defended his insistence that it's not in a recession. He said the traditional definition -- two quarters in a row of negative growth -- hasn't been met.

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