President's Radio Address
Office of the Press Secretary
July 19, 2008
President's Radio Address: "A Challenging Time For Families"
THE PRESIDENT: Good morning. This is a challenging time for families across our nation. I know many families are worried
about rising prices at the pump and declining home values. So this week my Administration took steps to help address
both these challenges.
To help address the pressure on gasoline prices, my Administration took action to clear the way for environmentally
responsible offshore exploration of key parts of the Outer Continental Shelf, or OCS. Experts believe that these areas
of the OCS could eventually produce nearly 10 years' worth of America's current annual oil production. So on Monday I
lifted an executive branch prohibition on exploration in these areas.
Unfortunately, a full month has passed since I called on Congress to lift a similar legislative ban, and Congress has
done nothing. This means that the only thing now standing between the American people and the vast oil resources of the
OCS is action from the United States Congress.
Bringing OCS resources online will take time, and that means that the need for congressional action is urgent. The
sooner Congress lifts the ban, the sooner we can get these resources from the ocean floor to the gas pump. Democratic
leaders need to show that they have finally heard the frustrations of the American people. They should match the action
I've taken, repeal the congressional ban, and pass legislation to facilitate responsible offshore exploration.
In the short term, America's economy will continue to depend on oil, but in the long term our economic future depends on
promoting alternative energy technologies. So my Administration has worked to expand the use of alternative fuels and
raise fuel efficiency standards. We're investing in new advanced batteries, plug-in hybrids, and hydrogen fuel cells.
We're working to expand the use of clean, safe nuclear power, solar and wind power, and clean coal technology. With
these steps, we're enhancing America's energy security.
To address challenges in the housing market, my Administration announced steps this week to help increase confidence in
Fannie Mae and Freddie Mac. These two enterprises play a central role in our housing finance system, and we must ensure
that they can continue providing access to mortgage credit during this period of stress in financial markets.
So Treasury Secretary Paulson has worked with Federal Reserve Chairman Bernanke, the companies, and the government
regulators on a plan to strengthen these enterprises. I urge Congress to swiftly enact this plan into law. And I also
urge Congress to pass legislation that strengthens the independent regulator of Fannie Mae and Freddie Mac, modernizes
the Federal Housing Administration, and allows state housing agencies to issue tax-free bonds to refinance subprime
loans.
Despite the challenges we have faced, our economy has demonstrated remarkable resilience. Exports have continued to
grow, productivity growth has remained strong, and while economic growth in the first quarter of this year was slower
than we would have liked, it was growth, nonetheless.
Thanks to the economic growth package we enacted, American families have more cash in their wallets. We now have
delivered more than $91 billion in tax relief to more than 112 million American households this year. And in the coming
months, we expect more Americans to take advantage of these rebates, and inject new energy into our economy.
I have great confidence that our economy will pull through this difficult period, because I have great confidence in the
boundless, innovative spirit of the American people. This is a Nation that has faced tough challenges in the past and
overcome them, and we will do so again. With sound policies in Washington and the ingenuity of our citizens, our economy
will emerge from this period stronger and better than before.
Thank you for listening.
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ENDS