[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/09/18/art.bush.cnn.jpg caption="Bush delivered a statement on the economy earlier Thursday."] WASHINGTON (CNN) - President Bush said Thursday the U.S. economy still faces "serious challenges."
Recent actions taken to stabilize the economy "are necessary and they are important and the markets are adjusting to them," Bush said.
"My administration is focused on meeting these challenges," he said.
Related: AIG bailout upsets GOP lawmakers