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July 19, 2008

Bush Outlines Solutions for America's Economic Woes 
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http://enews.voanews.com/t?ctl=1D4EBB4:A6F02AD83191E160EB30E663F8367573C030207A0BD70133&
 
US president says his decision to lift presidential ban on offshore oil
exploration will help address rising gasoline prices 
President Bush meets reporters during news conference in the briefing
room of the White House in Washington, D.C., 15 Jul 2008U.S. President
George Bush used his weekly radio address Saturday to explain his
administration's solutions for some of America's economic problems.Mr.
Bush said his decision to lift a presidential ban on offshore oil
exploration will help address rising gasoline prices. He also repeated
his call for Congress to lift a similar legislative ban.But Democrats
say it will take years for new drilling projects to impact gasoline
prices. They have proposed opening the country's strategic petroleum
reserve as a short-term solution.The president said to address
challenges in the housing market, his administration worked on a plan to
strengthen two government-supported mortgage lenders, Fannie Mae and
Freddie Mac.The two enterprises have lost billions of dollars due to the
rising number of U.S. mortgage defaults.The president urged Congress to
quickly enact a p!
 lan proposed by the Treasury Department to expand lines of credit to
the two lenders, and for the government to buy their stock if necessary.

Some information for this report was provided by AP.


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