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Bush urges Congress to help the economy |
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By Andy Barr
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Posted: 03/15/08 11:56 AM [ET] |
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President Bush on Saturday said Congress could help fight an extended economic downturn by passing some items that are on the White House’s agenda, such as making his tax cuts permanent, passing free trade deals, cutting pork spending and sensibly addressing problems in the ailing housing market. The president focused his weekly radio address on assuring Americans that his administration is taking steps to deal with what many view as a serious economic crisis. Bush pointed to the passage of a stimulus package, which will result in many taxpayers receiving a rebate check in coming weeks, as well as steps he has taken to help the housing markets. However, he noted, in rejecting some proposals floated by the Democrats, that any government intervention must come with “clear purpose and great care,” stating that such actions “often have far-reaching and unintended consequences.” Bush warned Congress that he would oppose any measure that would “artificially prop up home prices,” adding that “when you are steering a car in a rough patch, one of the worst things you can do is overcorrect.” The president urged Congress to “reform Fannie Mae and Freddie Mac, modernize the Federal House Administration, and allow state housing agencies to issue tax-free bonds to help homeowners refinance their mortgages.” |
