WASHINGTON - U.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 plan proposed by the Treasury Department to expand lines of credit to the two lenders, and for the government to buy their stock if necessary.

Source:  VOA News