Bush calls out Congress on economy

President Bush addressed Americans' anxiety about the effects that the U.S. economic downturn has taken on their wallets Tuesday, calling on Congress to pass legislation that will help reduce energy and food costs, keep people in their homes, and make student loans more available.
Speaking at a White House Rose Garden news conference, Bush said Congress has not passed legislation that he proposed to help ease the effects of the economic slump.
"I've repeatedly submitted proposals to help address these problems, yet time after time Congress chose to block them," said Bush.
Bush said Congress failed to pass bills that expand safe oil exploration and build new refineries that would help to reduce energy prices. The president said his proposal to expand oil production at home would result in about a 20% increase of crude oil production and it would likely mean lower gas prices.
He added that the farm bill that Congress is considering is "bloated," and would do little to reduce the cost of food.
"The bill Congress is now considering would fail to eliminate subsidy payments to multimillionaire farmers," said Bush. "America's farm economy is thriving ... and this is the right time to reform our nation's farm policies."
The president also called out Congress for failing to pass his proposed legislation to help modernize the home loan industry through Freddie Mac and Fannie Mae reforms, and by allowing state housing agencies to issue tax-free bonds to refinance subprime loans.
Lastly, the president said lawmakers need to pass a bill that would temporarily give the federal government greater authority to buy federal student loans.
"This authority will safeguard student loans without permanently expanding the government's role in their financing," Bush said.
Bush said Americans are looking for politicians to come together to work on these issues in a bipartisan manner.
"I don't think it's just too much to ask even in an election year," he added.