WASHINGTON - President Bush, acknowledging the economic "tough times" for many Americans, said today that he remains opposed to any homeowner rescue legislation that would be a bailout for lenders.

It says the unit's resilience in tough times helped boost the company's second-quarter profit 22%. Oil prices are soaring. Home foreclosures are rampant. And many think a recession is at hand. So, where are people heading?

In testimony before Congress, the Federal Reserve chairman hints at a further interest rate cut next month. Federal Reserve Chairman Ben S. Bernanke painted a bleak picture of the economy Wednesday, suggesting tough times ahead for many Americans and all but guaranteeing further interest rate cuts as the central bank tries to avert the worst of the trouble.