Bush says basics of economy are good

NEW YORK (CNNMoney.com) -- President Bush said Tuesday that he is concerned about problems in the housing and mortgage markets, though he thinks the basics of the U.S. economy are good.

During a press conference at the White House, Bush said he is concerned about foreclosures, but that, "we shouldn't use taxpayers' money to subsidize lenders."

However, the President noted that the mortgage industry is more complex than it was in the past, since mortgage assets are often bundled and sold as securities on the world markets.

In reference to efforts by Treasury Secretary Henry Paulson to help troubled homeowners, the President said, "Paulson is working with a more complex industry and that's why it's taking a while."

Bush called the problems in the housing market a "headwind" and that Congress should act to address the slowing economy.

The President also said that with the holiday season approaching, Congress should act quickly to reform the alternative minimum tax, or AMT, which he called a "monstrous piece of legislation."

Bush said that a delay in legislation on the AMT could delay the delivery of "$75 billion in refund checks."