WASHINGTON — The economy is in turmoil, yet President Bush and Federal Reserve chief Ben Bernanke say the country will weather the storm. Neither sees a recession on the horizon.

Both Bush and Bernanke are on the front lines of the government's efforts to right an economy that increasing numbers of economists fear is on the verge of its first recession since 2001, if it hasn't already fallen into one.

The housing market's collapse, a credit crisis and galloping energy prices are crimping spending and investing. Those are mighty punches to a teetering economy that nearly stalled at the end of last year.

Bush and Bernanke acknowledged the dangers yesterday. But Bush, at a White House news conference, and Bernanke, in congressional testimony, seemed to strike the same hopeful note that the economy should be able to survive the fallout.

"I don't think we're headed to a recession, but no question we're in a slowdown," Bush said.

The Federal Reserve is not forecasting a recession. It does predict slow growth for this year as well as higher unemployment.

"I realize that my testimony wasn't the most cheerful thing you'll hear today ... but I do very much believe that the U.S. economy will return to a strong growth path with price stability," Bernanke told the Senate Banking, Housing and Urban Affairs Committee. It was his second day in a row on Capitol Hill discussing the economy.

Yet Bernanke and the Bush administration are hopeful the economy will turn stronger in the second half of this year, helped by the Fed's rate reductions and the recently enacted rebates for people and tax breaks for businesses.

"We'll see the effects of this pro-growth package," Bush said, acknowledging that some lawmakers already are talking about a second aid plan. "Why don't we let stimulus package have a chance to kick in?"