Bush Calls On Congress To Do More For Economy

WASHINGTON (AP) — President Bush is acknowledging that the country is suffering through a period of economic uncertainty. And he says Congress can do more to help people and businesses hurt by the housing slump and credit crunch.

In addition to the recent $168 billion economic rescue package passed by Congress last week, the president says lawmakers need to make his tax cuts permanent and do more to help struggling homeowners.

Bush says lawmakers should pass more legislation to revamp mortgage giants Fannie Mae and Freddie Mac and modernize the Federal Housing Administration, which insures mortgages for low- and middle-income borrowers.

The president also said Congress should approve legislation allowing state housing agencies to issue tax-free bonds to help squeezed homeowners refinance their mortgages.

Bush says these and other steps could help struggling homeowners “weather turbulent times in the market.”