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Bush blamed for US economic slump

world Updated: Jan 23, 2008 17:36 IST

With fears of a US economic slowdown causing turmoil in global markets, top Democratic presidential contender Hillary Clinton has blamed the Bush administration for adopting policies which she said is threatening to thrust the world into a "deep, long recession".

"This is a global economic crisis....I have been advocating for some time a package of action," Clinton said in an effort to seize political initiative during her campaigning by seeking economic relief for voters.

"It's very important to recognize how the policies of the last seven years have contributed to the situation we find ourselves in," Clinton said after the US Federal Reserve cut its key short-term interest rate by 75 basis points aimed at boosting the world's biggest economy.

The former first lady expressed concern especially for the mortgage crisis, and also demanded sops for those outside the tax bracket.

"The one area that I still hear nothing about from the White House of any significance is what will be done to deal with the mortgage crisis....I would reiterate my calls for a moratorium on foreclosures for 90 days and a rate freeze for five years to try to stabilize this housing market," the New York Senator said.

Clinton also said it would be "incredibly shortsighted" not to include people who do not pay income taxes when announcing sops for US consumers.

Calling for action "across the board", Clinton said it was imperative that President George Bush and his economic advisers instill confidence in the competence of the government "to take on what is clearly now a global crisis that could very well thrust us into a deep, long recession".