President Bush Radio Address 7-19-08

[0:00] ..." Now a message from the president of the United States George W. Bush. Good morning this is a challenging time for families across our nation. I know many families are worried about rising prices at the pop and declining home values. So this week my administration took steps to help address both these challenges. To help address the pressure on gasoline prices my administration took action clears away for environmentally responsible. Offshore expiration of key parts of the outer continental shelf war ocean yes."...

[0:59] ..." the vast oil resources of the Yoshi S is action from the United States congress. Bringing those -- resources on line will take time. And means that the need for congressional action is urgent. The sooner"...

[1:59] ..." these steps we're enhancing America's energy security. To address challenges in the housing market my administration announced steps this week to help increase confidence in Fannie Mae and Freddie Mac. These 2 enterprises play a central"...

[0:00]" Now a message from the president of the United States George W. Bush. Good morning this is a challenging time for families across our nation. I know many families are worried about rising prices at the pop and declining home values. So this week my administration took steps to help address both these challenges. To help address the pressure on gasoline prices my administration took action clears away for environmentally responsible. Offshore expiration of key parts of the outer continental shelf war ocean yes. Experts believe that these areas of the OCS could eventually produced nearly ten years worth of America's current annual oil production. So on Monday lifted an executive branch prohibition on expiration in these areas. Fortunately for a month has passed since I called on congress to lift a similar legislative branch and congress has done nothing. This means that the only thing now standing between the American people and the vast oil resources of the Yoshi S is action from the United States congress. Bringing those -- resources on line will take time. And means that the need for congressional action is urgent. The sooner congress lifts the ban the sooner we can get these resources from the ocean floor to the gas pump. Democratic leaders need to show that they finally heard the frustrations of the American people. They should match the action have taken repeal the congressional -- and pass legislation to facilitate responsible offshore exploration. In the short term America's economy will continue to depend on oil. But the long term our economic future depends on promoting alternative energy technologies. So my administration has worked to expand the use of alternative fuels. And raise fuel efficiency standards. We're investing in new advanced batteries plug in hybrids hydrogen fuel cells. We're working to expand the use of clean safe nuclear power. Solar and wind power clean coal technology. With these steps we're enhancing America's energy security. To address challenges in the housing market my administration announced steps this week to help increase confidence in Fannie Mae and Freddie Mac. These 2 enterprises play a central role in our housing finance system. And we must ensure that they can continue providing access to mortgage credit during this period of stress in financial markets. So treasury secretary Paulson has worked with Federal Reserve Chairman Bernanke the companies and the government regulators on a plan to strengthen these enterprises. I urge congress to swiftly enact his plan into law. Now also urged congress to pass legislation. The strength and energy Independent regulator of Fannie Mae and Freddie Mac modernize as the federal housing administration. Allow state housing agencies to issue tax free bonds to refinance sub prime loans. Despite the challenges we have faced our economy has demonstrated remarkable resilience. Exports of continue to grow. Productivity growth has remained strong. And while economic growth in the first quarter of this year was slower than we would have liked. He was growth nonetheless. Thanks to the economic growth package we enacted American families have more cash in their wallets. We now delivered more than anyone billion dollars in tax relief from -- 112 million American households this year. And in the coming months we expect more Americans to take advantage of these rebates and inject new energy into our economy. I have great confidence that our economy will pull through this difficult period. -- I have great confidence in a boundless innovative Spirit of the American people. This is a nation that is faced tough challenges in the past and overcome -- and we will do so again. -- sound policies in Washington and the ingenuity of our citizens. Our economy will emerge from this period stronger and better than before. Thank you for listening."