WASHINGTON - President George W. Bush allowed Friday that these were "tough economic times" for Americans, but insisted his administration was working to improve conditions.
"These are tough economic times for the American citizens but there is a way forward to help relieve some of the pressure on their pocketbooks," Bush said.
The US president spoke as US stocks sank and investor concern spiked over the financial health of Freddie Mac and Fannie Mae, two US firms which provide key financing to the vast mortgage market. Fears mounted about the financial stability of the two firms amid a lingering housing market slump.
Bush argued that "members of Congress, particularly the Democratic leadership, must address this issue before they go home for this upcoming August break.
"They have a responsibility to explain to their constituents why we should not be drilling for more oil here in America to take the pressure off of gasoline prices," Bush said.
Copyright 2008 AFP