U.S. President George W. Bush said Wednesday that he would use his veto power if Democrats- controlled Congress would seek raising taxes or increasing federal spending.

"I will use the veto to keep your taxes low and to keep federal spending under control," Bush said from the U.S. Treasury Department after meeting with economic advisers.

"There's some long-term challenges to our economy and we need to work together to address those challenges," the president also said.

One way to address the challenges is to continue opening up markets for America's goods and services, and the best way to do that is to expand free trade, he noted.

The United States has negotiated new free trade agreements with Peru, Colombia, Panama and South Korea.

"And now the Congress needs to carry out its responsibilities and approve these agreements," said Bush.

"We're going to work hard to conclude the Doha Round of trade negotiations, all aiming to open up new opportunities for U.S. producers and aiming to fulfill a great calling, and that is to help eliminate poverty around the world," the president also said.

About the economy, Bush said that since 2003 the economy has added more than 8.3 million new jobs and almost four years of uninterrupted growth.

"We continue to grow at a steady pace," he said.