At his first press conference since April, President George W. Bush on Tuesday voiced his confidence in "the long-term foundation of our economy."

"The bottom line is this: We're going through a tough time," said the president, noting he understands there is a lot of nervousness, but the U.S. economy is growing, productivity is high, trade is up, and "people are working (although) it's not as good as we'd like."

However, when questioned about the soaring fuel prices, Bush admitted his weakness.

"The president doesn't have a magic wand," he said.

(Xinhua News Agency July 21, 2008)