FREDERICKSBURG -- President Bush acknowledged "storm clouds," mentioning the credit crunch and high fuel prices, as he sought to reassure anxious Americans the economy remains "pretty good" during remarks in Stafford County yesterday.

"We've had a pretty good economic run here in the country -- six years of growth. . . . This economy's pretty good. There are some -- there's definitely some storm clouds and concerns. But the underpinning is good," the president said during an hour-long appearance before members of three Rotary Clubs and the Fredericksburg Regional Chamber of Commerce.

Bush's remarks to a crowd of about 85 came on a day when the Dow Jones industrial average fell more than 170 points, continuing a period of wild swings as consumer spending slows, home foreclosures rise and the Federal Reserve is cutting interest rates to help stimulate spending.

Bush was not about to play Wall Street prognosticator when asked by an audience member to predict what the stock market might do in 2008.

"No, I'm not going to answer your question," Bush told Kate Hopper, a 33-year-old financial adviser from Fredericksburg, drawing laughs. "I don't think you want your president opining whether the Dow Jones is going to be going up or down."

Bush said investors should look to the fundamentals of the stock market, which he said remain strong. The president also used the opportunity to chide the Democratic-controlled Congress for not yet passing a spending bill, saying he hoped lawmakers would do so before recessing this week for the holidays.

Bush vowed to veto any spending plan that includes a tax increase.

"Congress cannot take economic vitality for granted," he said. "The most negative thing the Congress can do in the face of some economic uncertainty is to raise taxes on the American people."

Bush added there should be no difference of opinion in Congress about funding for troops in harm's way, even as he acknowledged many Americans criticize his decision to invade Iraq.

"When people have a difference of opinion with the president, they ought to feel comfortable expressing that difference. And it turns out quite a few citizens are willing to do that," he said to laughter.

Rep. Eric I. Cantor, R-7th, who attended the luncheon, said afterward, "Clearly, there is a lot of anxiety out there. . . . The president said, look, there are storm clouds, but we have a flexible, resilient economy. We need to make sure we control spending in Washington and make sure we deliver on priorities and send a signal that the government won't overreach in terms of costing the American people by raising taxes."

Rep. Robert C. Scott, D-3rd, who did not attend, said Bush has failed to help Americans who are seeing rising health-insurance costs, higher gas prices, increasing foreclosures and stagnant wages.

"The average American is actually worse off in income than they were seven years ago," he said by phone from Washington.

In response to a question from the audience, Bush renewed a stern warning that Iran should not seek to build nuclear weapons; U.S. intelligence officials recently concluded that Iran abandoned such an effort in 2003.

In his prepared remarks, Bush touted recent steps to help homeowners facing resetting adjustable-rate mortgages and possible foreclosure.

"We're not bailing people out. We're helping them refinance their money. . . . We're helping them stay in part of the American dream," he said.

He also promoted change in other areas that he said could strengthen the economy and household budgets, such as individual and family health-insurance tax deductions. Shirley Heim, a three-time cancer survivor, said afterward that the president's message of more affordable and portable health insurance struck a chord with her.

"Having high-quality health care when you need it most makes all the difference," said Heim, a retired school administrator who has survived skin, uterine and breast cancer. She got a hug from the president and had her photo taken with him.

"Never in a lifetime would I have thought," she said, beaming. Contact Kiran Krishnamurthy (540) 371-4792 or kkrishnamurthy@timesdispatch.com.