NEW ALBANY (Ind.), Nov 13: President George W. Bush acknowledged on Tuesday that the US economy is facing some strains but insisted its underpinnings remain strong and resilient.

“This economy has got some strains,” Bush said in a speech, citing high oil prices and the housing market. “Financial markets have got uncertainty.” “Families are working hard to meet rising mortgage payments, college and health care expenses and the cost at the gas pump,” he said. “These are serious challenges.” “But as we have seen in recent years, this economy of ours is resilient,” Bush added. “Sure there are some challenges facing us, but the underpinnings of our economy are strong and we’re a resilient economy.” — Reuters