President Bush has used his weekly radio address to repeat a pledge that he will focus during his second term on the challenges facing the American economy.

Mr. Bush used a two-day economic conference this week to promote his economic plan, which includes a proposal for privatizing the federal retirement system known as Social Security.  In his radio address Saturday, the president repeated earlier calls for Congress to pass legislation that would make his tax cuts permanent and would simplify the tax code.

He promised not to ignore the challenges that face the U.S. economy, like record high budget deficits and a net loss of jobs since he took office.

The president pledged to work with both Republicans and Democrats in Congress to, in his words, keep the economy innovative and competitive.