"One thing is for certain, we're in challenging times,' the president said after meeting with Treasury Secretary Henry Paulson and other senior economic advisers. "But another thing is for certain: we've taken strong decisive action."

The president commended the Fed for its urgent actions over the weekend. He said that "we've shown the country and the world that the United States is on top of the situation."

Bush, surrounded by his economic advisers at the White House, said his administration is monitoring economic developments closely.

"When need be, we'll act decisively," Bush said, without indicating any other steps his government might take.

Repeating his reassurances to the country, the president said that in the long run, the economy is going to be fine.

Bush spoke on a day of turmoil and plunging prices on global financial markets. Oil prices hit a record in Asian trading, U.S. stock index futures fell sharply and the dollar hit record lows.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

WASHINGTON (AP)—President Bush says his administration is on top of the situation in dealing with the slumping economy.

Bush says that the country is in challenging times. But he also says another thing is for certain: " We've taken strong decisive action."

The president commended the Fed for its urgent actions over the weekend. He said that the administration has shown the country and the world that the United States is on top of the situation.

Bush spoke on a day of turmoil and plunging prices on global financial markets. Oil prices hit a record in Asian trading, U.S. stock index futures fell sharply and the dollar hit record lows.

The president spoke after meeting at the White House with Treasury Secretary Henry Paulson and other members of his economic team.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.