US Vice President Dick Cheney said on Wednesday that the economy is going through a "rough patch," a day after the Federal Reserve slashed interest rates to try to protect the economy from financial turmoil. "We're currently going through a rough patch here, there's no question about it," Cheney said on ABC's "Good Morning America."
"We've got problems in the housing industry, mortgage backed securities and so forth, that have created problems we're having to deal with," he said. The Federal Reserve on Tuesday slashed interest rates by 75 basis points to 2.25 percent as policymakers scramble to bolster the economy amid a housing downturn.
Cheney, who spoke from Muscat, Oman, shortly after he visited Iraq to assess the success of the US troop build-up there, also said public opposition to the Iraq war should not affect how it is conducted.
The interview was aired on the fifth anniversary of the US invasion of Iraq. Informed that two-thirds of Americans now think the war was not worth fighting, Cheney said: "So?" He added: "I think we cannot be blown off course by the fluctuations of the public opinion polls. There has in fact been fundamental change and transformation and improvement for the better. That's a huge accomplishment."
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