US President Bush calls for action on Fannie Mae, Freddie Mac

By The Associated Press

CRAWFORD, Texas - In his weekly radio address, U.S. President Bush is stepping up pressure on Congress to help restore confidence in the American housing finance industry.

The president calls this "a challenging time" for American families worried about rising prices at the pump and declining home values.

He's urging lawmakers to approve a plan allowing the government to extend unlimited lines of credit to Fannie Mae and Freddie Mac and to otherwise help bolster their reserves against losses.

He's also calling for "urgent" action from lawmakers to open up offshore oil exploration. Bush recently lifted an executive ban on offshore oil drilling. He said it's Congress' turn to act.

In his words, "the only thing now standing between the American people and the vast oil resources of the Outer Continental Shelf is action from the United States Congress."