(July 29, 2008)—President Bush heads to Cleveland Tuesday to talk up the economy, even as his advisers predict more economic gloom.

The president will tour a welding tool plant and note the economy is still growing, despite the housing crunch and sky-high gasoline prices, but the White House has now cut its growth forecast nearly in half.

Still, Mr. Bush's head economist, Edward Lazear, says it could have been worse.

He said the numbers reflect "the resilience of the American economy in the face of "significant shocks."

However, unemployment is forecast to rise and the White House is upping its prediction for the deficit the next president will face to a record of nearly half a trillion dollars.