President George W. Bush, seeking to bolster faith in the economy amid fears of a recession, acknowledged on Friday the United States was going through hard times but said growth would resume over the long run because economic fundamentals were sound.

Democratic presidential candidate Hillary Clinton countered that much of the country was already in a recession.

With oil prices at record highs, the mortgage market on the verge of meltdown and the specter of recession looming, Bush has been scrambling to halt the slide in the economy.

"In the long run I am confident that our economy will continue to grow because the foundation is solid," Bush told about 500 people at the nonpartisan Economic Club of New York, a group of top business executives, bankers and economists.

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Bush's trip to New York came amid reports of further slippage in consumer confidence and word that the Federal Reserve and JPMorgan Chase had agreed to provide emergency funding to Bear Stearns because of a credit crunch at the major U.S. investment bank.

Campaigning in Pennsylvania, which holds the next primary contest on April 22, Clinton renewed her attack on oil company profits and accused Sen. Barack Obama, her rival for the Democratic presidential nomination, of supporting tax breaks for oil companies.

Speaking at a campaign rally for about 2,000 supporters in Pittsburgh, Clinton said both Obama and Republican presidential candidate Sen. John McCain had voted for a bill to cut oil company taxes.

"They voted yes to more giveaways to the oil companies," she said in a 40-minute speech.

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