Washington ? The White House throttled back its description of the U.S. economy on Wednesday, labeling it resilient enough to withstand some shocks to the system but refusing to say it is fundamentally sound – the phrase that has jolted the race for the presidency.

In defending the latest corporate rescue by the government, the White House put the country’s economic state in a much more measured perspective.

Press secretary Dana Perino said “it’s not clear-cut,” but rather a mixed package of up-and-down economic measures, sometimes even on the same day.

“Our economy has the strength to be able to deal with these shocks,” Perino said.

With the financial markets in turmoil, President Bush canceled a planned trip to Alabama and Florida today to consult with his economic advisers in Washington.