Bush addressed the Economic club of New York Friday (Getty Images)
NEW YORK (CNNMoney.com) - President Bush acknowledged Friday the country was facing challenges both in the housing and financial markets, but said that the strength of the underlying economy would help it maneuver through this difficult period.
Speaking before The Economic Club of New York, Bush said he was confident that the government action take so far would help get the economy back on track.
"Theses are tough times," he said.
He also called on Congress to take additional steps to help alleviate the woes resulting from the housing crisis, including reforming government-sponsored enterprises Fannie Mae and Freddie Mac. He also pushed lawmakers to modernize the Federal Housing Administration and to extend tax cuts on capital gains and set to expire in the coming years.