White House confident market’s decline is normal correction

02/27/2007

WASHINGTON (CNN) -- The White House is confident the steep decline on Wall Street Tuesday was a normal correction to a market that has experienced steady growth since July, a senior administration official tells CNN.

The administration official also told CNN that President Bush called Treasury Secretary Henry Paulson this afternoon "to get his take" on why the market dropped sharply.

The official would not comment on the specifics of the situation, but added that other signs like job growth and consumer confidence "are sound...nothing out there is flashing red."