[Weekly Compilation of Presidential Documents Volume 44, Number 29 (Monday, July 28, 2008)]
[Pages 1011-1012]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
The President's Radio Address

July 19, 2008

    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 on line 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

[[Page 1012]]

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.

Note: The address was recorded at 11:45 a.m. on July 18 in Tucson, AZ, 
for broadcast at 10:06 a.m. on July 19. The transcript was made 
available by the Office of the Press Secretary on July 18 but was 
embargoed for release until the broadcast. The Office of the Press 
Secretary also released a Spanish language transcript of this address.