BUSH'S WAY CLEAR TO PRESS AGENDA FOR THE ECONOMY
Pres Bush, with Republican Party in control and his political standing solidified in wake of recent election, is free to confront weakened economy on his terms; will hold economic reins as never before since Democrats are in disarray on economic policy and Federal Reserve--which normally wields more economic clout than president--seems to have exhausted its power to smooth out economic bumps; he has put advisers to work on developing ambitious agenda for next two years; aides say he is eager to take advantage of Republican majority, and has long since absorbed lesson of 1992, when Bill Clinton defeated his father partly by casting him as out of touch with economy; political strategists and economic policymakers in both parties say he faces added pressure to get good economic results or pay steep price on re-election; graphs (M)