WASHINGTON (AP) — President Bush, trying to calm financial breakdown, said that his administration is "on top of the situation" in dealing with the crisis in the U.S. economy, as oil prices hit a record in Asian trading, U.S. stock index futures fell sharply and the dollar hit record lows.

"One thing is for certain, we're in challenging times," the president said after meeting with Treasury Secretary Henry Paulson and other senior economic advisers.

"But another thing is for certain: We've taken strong, decisive action."

President Bush praised Paulson for working with the Fed and showing "the country and the world that the United States is on top of the situation."

Bush said "our financial institutions are strong" and "our capital markets are functioning efficiently and effectively."

The White House moved quickly to raise Bush's public profile Monday, and he continued to send an upbeat message, even in acknowledging a downturn that keeps roiling the economy and the country's people as well.