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[0:33] ..." like specifically -- tax increase on the working people. Past eighteen months. Gas prices have gone up by a dollar and forty cents per gallon. Electricity prices for small businesses families are rising as well. -- it repeatedly submitted proposals to help address these problems. -- time after time. Congress chose to block them. My main reasons for high gas prices -- global oil production is not keeping up with growing demand. Members of congress have been vocal about foreign governments increasing our"...
[1:49] ..." oil production will be US levels. And it would likely mean lower gas prices. Yes such efforts to explore. NN war have been consistently blocked. No reason for high gas prices is the lack of refining capacity. It's been more than thirty years since America built its last new refinery. Yet in this"...
[4:33] ..." on congress to pass legislation that would help address problems in the housing market. This includes critical legislation that would modernize the federal housing administration reform Fannie Mae and Freddie Mac. And allow state housing agencies"...
[6:45] ..." has taken effect to act again -- but since it was passed gas prices have gone up foreclosures have gone up they've been layoffs news just this morning that consumer confidence is down yet again. Isn't"...
[8:56] ..." person wants to know whether or not we know. That define our gasoline prices and they're to worried about staying in their homes and I do understand. That's why we've been aggressively helping people refinance their"...
[11:48] ..." of the problem. Do you agree with that in what can the United States do what more -- the United States do to help make food more."...
[14:43] ..." and understand. Here in the White House we are concerned about high gasoline prices. We're not concerned about half food prices were concerned about people staying in their homes were concerned about student loans just like"...
[17:35] ..." open up people when -- warming you don't care about the gasoline prices that people -- him."...
[23:31] ..." interest where and it global struggle against thugs and killers. And the United States of America has got to continue to take the lead and so in Afghanistan we're making progress. Does that mean you know"...
[31:44] ..." refineries but these are clearly. Long term solutions to the problem rising gas prices. What can you tell Americans about what your administration is doing in the short term and secondly have you been briefed on"...
[32:15] ..." signals what it does. It's sensitive signal to the markets at the United States is not going to restrict expiration of the United States is going to encourage exploration. And meantime we've done we -- increasing captive for example. But the market's going to you know do as much for encouraging conservation is anything else is now. And so I firmly believe that you know there's a magic wand to wave I'd be waving it of course. It's I strongly believe it's. And in our interest that we British gas prices gasoline -- eventually be like a major tax cut for people -- but let me finish -- of that. Strike one on"...
[42:20] ..." reflects. The fact that there is a strong protectionist sentiment in the United States people good people believe is not our interest to be opening up markets."...
[45:49] ..." guy that I fully understand that people are concerned. They're concerned about gasoline prices are worried about half food prices we're investing in their homes the new issue courses student loans House of Representatives passed a"...
[0:00]" Thank you good morning. It's a tough time for our economy. Across our country many Americans are understandably anxious about issues affecting your pocketbook. From gas and food prices to mortgage and tuition bills. They're looking through their elected leaders of congress for action. Unfortunately on many of these issues -- we're getting is delay. Americans are concerned about energy prices and understand why. Last time I visit with his like specifically -- tax increase on the working people. Past eighteen months. Gas prices have gone up by a dollar and forty cents per gallon. Electricity prices for small businesses families are rising as well. -- it repeatedly submitted proposals to help address these problems. -- time after time. Congress chose to block them. My main reasons for high gas prices -- global oil production is not keeping up with growing demand. Members of congress have been vocal about foreign governments increasing our oil production. Yet congress -- been just as vocal in opposition to efforts to expand our production here at home. People -- repeatedly blocked environmentally safe expiration and war. Department of Energy. Estimates that and work and allow America to produce about a million additional barrels of oil every day. Which translates to about 27 millions of gallons and gallons of gasoline and diesel. Every day. And be about a 20% increase of oil crude oil production will be US levels. And it would likely mean lower gas prices. Yes such efforts to explore. NN war have been consistently blocked. No reason for high gas prices is the lack of refining capacity. It's been more than thirty years since America built its last new refinery. Yet in this area to congress as -- repeatedly blocked efforts. To expand capacity and build more refineries. Electricity prices -- congress continues to block provisions needed to increase domestic collect electricity production by expanding the use of clean safe nuclear power. Instead many of the same people in congress to complain about high energy costs. Support legislation that would make energy even more expensive. For our consumers and small businesses. Congress is considering a bill to raise taxes on domestic energy production. Proposed doing costly mandates on producers and demand dramatic emissions cuts it was shut down coal plants. Increased reliance on expensive natural gas. That would drive up prices even further. Cost of these actions would be passed on to consumers in the form of -- higher prices at the pump an even bigger election bills. Instead of increasing cost imposing new roadblocks to domestic energy production congress needs to clear away obstacles to more horrible. More reliable energy here -- Americans are concerned about rising food prices. Fortunately congress is considering a massive bloated farm bill that would do little to solve the problem. The bill congress is now considering failed to eliminate subsidy payments to multimillionaire farmers. America's farm economy is driving. Value of farmland is skyrocketing in this is. The right time to reform our nation's farm policies are reducing unnecessary subsidies. It's not the time to ask American families -- already paying more in the checkout line to pay more. Is subsidies for wealthy farmers. Congress can reformer farm programs and should. Passing a fiscally responsible bill that treats our farmers fairly and does not impose new burdens on American taxpayers. Markets are concerned about making -- mortgage payments. Keeping their homes. Now Brian. I shall I call on congress to pass legislation that would help address problems in the housing market. This includes critical legislation that would modernize the federal housing administration reform Fannie Mae and Freddie Mac. And allow state housing agencies to issue tax free bonds to -- sub prime loans. -- they failed to send a single one of these proposals to my desk. America should not have to waiting longer for their elected officials to pass legislation to help more grandly stand their homes. Americans are concerned about the availability of student loans. Recent credit crunch makes it uncertain that some students will be able to get the loans they made. My administration is taking -- the Department of Education as lender of last resort program. Which works to arrange -- is for students who were unable to secure one from a lender on our own with -- help. Congress needs to do more. We're passing a bill that would temporarily give the federal government greater authority to back federal student loans. This authority was safeguards to lunch without permanently expanding the government's role in -- finance. -- all these issues the American people are looking to their leaders to come together and act responsibly. I don't like is just too much to ask. Even an election year. My administration will reach out to congress we will work to find areas of agreement. So that we can deal with the economic pressures that are American taxpayers and American families are feeling. I ask congress should do its part. By sending these sensible and effective bills that I can sign. Instead of this issuing are sending. Your bills that's simply look like political statements. We can work together we can help Americans whether this difficult period we can keep our country moving forward. Now we let it take some -- question."
[6:41]" Thank you -- You have said that we need to wait until the first stimulus has taken effect to act again -- but since it was passed gas prices have gone up foreclosures have gone up they've been layoffs news just this morning that consumer confidence is down yet again. Isn't it time to think about doing more and on another issue would you support -- summer moratorium on the federal gas tax."
[7:04]" First of all the money is just now making it into people's bank accounts."
[7:10]" And I applaud the speaker and the leader of the Senate and minority leaders Erica for working together to get this done and now after you know during that time. The money beginning to arrive and we'll see you see what effects are and we'll look at any idea -- in terms of energy except I would tell you this that if congress is truly interest did. And solving the problem they can send the right signal by saying we're going to explore for oil and gas. Any US territories. Starting with a -- war we can do so and environmentally friendly way. They ought to say they don't want to."
[7:53]" I -- you might remember taking some abandoned military bases and providing regulatory relief so we can build new refineries. And if we're generally interest. And moving forward -- an energy policy that sends a signal to the world that we're not we're going to try to become less reliant upon foreign oil."
[8:12]" We can explore at home. As well as continue on with alternate fuels program this --"
[8:21]" Now look at everything they proposed we'll take a look."
[8:25]" Thank you Mr. President would you premature in saying that the US economy is not in a recession when food and energy prices are soaring so high and what more can you do to persuade Saudi Arabia during your upcoming visit to reconsider output levels and cut prices -- I --"
[8:45]" You know. The -- on how to define economy don't reflect the anxiety the American people feel. Your average person don't really care what we call it the average person wants to know whether or not we know. That define our gasoline prices and they're to worried about staying in their homes and I do understand. That's why we've been aggressively helping people refinance their homes. That's why continue to call on congress to pass legislation that will enable people two. You know stay in their homes. That these are tough times -- congress can argue over the terminology neither difficult times. And the American people know -- they want to know whether or not congress knows. I think an important signal to send an energy just like I said is that -- OK we're going to go final here at home. You know we can we're transitioning to a new Arab by the way. I knew where were we don't have to have batteries in our cars that will power you know enable people to drive forty miles on electricity. There's going to be more ethanol on the market. More alternative fuels."
[10:01]" It would be hard driving habits would change but in the meantime we need to be sending a signal to the world markets. There we intend to explore here in America."
[10:12]" We also send a clear signal that we understand supply and demand an -- when you don't build a refinery for thirty years. Can be a part of restricting supply. Therefore we ought to expand our refining capacity by permitting new refineries and get after quickly. On the electricity front -- you know -- a big believer in particular power except if we keep getting mixed signals. At a congress in the regulatory system. -- mixed signals. And so and and to your question on the saudis look I've made the case that. You know that these high priced oil injures economies. But I think we better understand that there's not a lot of excess capacity in this world right now. You know hopefully high prices will spur more expiration to bring -- excess capacity on but demand is rising faster than supply. And that's why you're seeing global energy prices rise and that's why it's important for us. Didn't try to take pressure off by saying we're going to start exploring here at home John."
[11:26]" Thank you Mr. President I like to ask about it work. Where where food prices and energy policy come together it's biofuels the World Bank has about 85% of the increasing. Corn prices 2002 is due to bio fuel increased and demand for biofuels. Undersecretary of state said that indicated yesterday that she thought death might be part of the problem. Do you agree with that in what can the United States do what more -- the United States do to help make food more."
[11:55]" Portable -- Actually I have a little different take I thought it was 85% of the world's food prices are caused by weather increased demand and energy prices just the cost of growing product. And that 15% has been caused by. You know. Ethanol there rival that from. By the way the high price of gasoline is going to spur more investment in ethanol. As an alternative -- gasoline and the truth of matter is it's our national interests. That we are farmers growing energy as opposed to -- purchasing energy from parts of the world that are in stable or may not like us. In terms of the international situation we are deeply concerned about food prices your home and we're deeply concerned about people who don't have food abroad. Average scarcity is is -- of concern to us last year we were very generous in her food donations. And this year will be generous as well as a matter of fact we just released about 200 million dollars for the Emerson trust. As part of a ongoing effort to address scarcity one thing I think it would be I know would be very creative policy. Is if we. Is if we wouldn't buy food. From local farmers. As a way to help deal wit scarcity but also as a way to put in place. You know and infrastructure so that nations can be self sustaining itself support its proposal put forth. That the congress hasn't responded to yet certain sincerely hope they don't. Would be -- Once."
[13:52]" President thank you. That's what a follow up on the idea of -- gas tax moratorium if I may because you're indicating that they perhaps should be open to it. Yup you mentioned in your in your opening remarks that. I'm open any ideas and we'll analyze everything that comes their way to go ahead. Well we're talking about perhaps the most immediate relief to people who are buying gasoline every day could be an eighteen point four cents a gallon tax cut. Senator Clinton and Senator McCain are in favor of -- senator Obama is not where Americans are hearing about this every day. So could you flesh out perhaps some of your thinking about why this would be a good idea or not. Why would agree with Senator McCain or not I don't know Osama trying to drag -- in the -- race."
[14:34]" And this is the first attempt to do so and I can understand why you would want to do it and I would tell you that first of all the American people and understand. Here in the White House we are concerned about high