Bush blames Congress for contributing to tough economic times
The president says federal lawmakers should allow oil exploration in Alaskan refuge to help mitigate gas prices and should end some subsidies for farmers that increase food costs.
WASHINGTON — President Bush today blamed Congress for failing to expand domestic oil production that could mitigate rising gas prices and for failing to curb "unnecessary subsidies for wealthy farmers" that contribute to the high price of food.
Noting that Americans are "understandably worried" about the economy, Bush urged Congress, which he said has "repeatedly blocked oil exploration" in Alaska's Arctic National Wildlife Refuge, to send "sensible bills . . . instead of bills that simply look like political statements."
Eschewing the word recession -- "economists can argue over the terminology" -- Bush said Americans are concerned about making their mortgage payments "and I don't blame them." With 50 lenders having withdrawn from the guaranteed student loan program, Bush said they are also worried about sending their children to college, and he called on Congress to give the government temporary authority to buy federal student loans.
"Americans are looking for their leaders to come together and act responsibly," he said. "I don't think this is too much to ask even in an election year."
On gas prices, Bush was asked about the proposal by Republican presidential candidate John McCain -- endorsed by Democratic rival Hillary Rodham Clinton but opposed by Democratic rival Barack Obama -- to temporarily waive the federal gas tax. Bush said he'll look at any "interesting ideas" but will not "jump into the '08 campaign." Asked about Clinton's proposal to stop filling the Strategic Petroleum Reserve, an emergency petroleum store maintained by the U.S. Department of Energy, Bush rejected the idea, saying those 67,000 barrels a day would have little effect on the world demand of 87 million barrels a day. At a previous news conference two months ago, Bush expressed surprise to learn that gas might be headed for $4 a gallon; this time he pointed out right away how much it has gone up in 18 months.
"It's a sour time, a tough time for the American people," he said
On food prices, Bush said he doubted that subsidies for ethanol are driving up the cost of food, saying 85% of the increased costs are attributable to increased demand and the high cost of gasoline.
But Bush acknowledged that solving the nation's economic crisis will not be easy.
"If there was a magic wand to wave, I'd be waving it," he said.
