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Bush comments on the economy

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Jul. 15 - U.S. President George W. Bush discussed the mortgage crisis, the state of the economy, and his proposals to explore for oil within U.S. borders at a news conference on Tuesday.

  • U.S. President George W. Bush said on Tuesday that Fannie Mae and Freddie Mac must be able to continue providing access to credit and the mortgage lenders should remain owned by shareholders.
  • Despite financial uncertainty, the President said, the U.S. economy is growing.
  • He also said that market fundamentals of tight supplies and strong demand are pushing up prices at the pump. He urged the Congress to lift a ban on offshore oil and natural gas drilling to send a message to the world that oil supply will increase.

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