"(Right) now we are in a very difficult situation, but we're working every day to make sure that we effectively put this (financial bailout) plan to use so that we can pull up out of it and return to job growth," Dana Perino said during a news briefing. "So I couldn't say. The classic definition of a recession is not something that we could determine now or forecast; it's something that people look back on."

President George Bush understands people are concerned about their savings and retirement. Still, the next quarter likely would contain bad economic news, she said.

"Clearly, right now we are in a very distressing situation," Perino said. "And next quarter's growth will not ... be anything to write home about."

"I don't think anyone could tell you right now if we're in a recession or not," she added. "But that doesn't take away from the importance, and the gravity, and the seriousness of the situation we have -- are facing right now."