WASHINGTON, April 29, 2008
Bush: I've No Magic Wand For Gas Prices
At White House Press Conference, President Says Congress Is Blocking Proposals To Lower Prices
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Bush Blames Congress For Slump
President Bush blamed Capitol Hill for the nation's economic woes, putting the pressure on Congress for new legislation that could help cash- strapped Americans. Alexis Christoforous reports.
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Gas prices are busting Americans' budgets. With President Bush offering few suggestions, Hillary Clinton and John McCain have called for the federal gas tax to be suspended. Jim Axelrod reports.
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Millions of Americans are eager for their tax rebate checks as part of the Bush administration's stimulus package. But, as Anthony Mason reports, these rebates may be too late.
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President Bush speaks during news conference in the Rose Garden at the White House, April 29, 2008. (AP Photo/Ron Edmonds)
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It has been two months since President Bush's last solo news conference with reporters. (AP Photo/Charles Dharapak)
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But Mr. Bush quickly said that he favors longer-term fixes, such as encouraging new oil production in the United States and building new refineries at home. He renewed his call for opening areas of Alaska wilderness to oil exploration and production.
"If there was a magic wand to wave, I'd be waving it, of course," he told reporters at a Rose Garden news conference called on short notice. "But there is no magic wand to wave right now. It took us a while to get to this fix."
The president's hour-long question-and-answer session under sunny skies came on the eve of a government report on the state of the economy in the first three months of the year.
"It's a tough time for our economy," Mr. Bush said.
Many business analysts believe the economy already has slipped into recession, but the president - as in the past - declined to use that term.
"You know, the words on how to define the economy don't reflect the anxiety the American people feel," the president said. "You know, the average person doesn't really care what we call it."
Asked if he thought the statistics due out Wednesday on the nation's gross domestic product for January through March would show the country was indeed in a recession, Mr. Bush said: "I think they'll show we're in a very slow economy."
Two straight quarterly contractions in the GDP - which measures business growth - is the common definition of a recession. But the official determination - made by the National Bureau of Economic Research - takes longer and is based on a more complicated formula.
Just 27 percent of the people questioned about Mr. Bush's handling of the economy said they approved, in an Associated Press-Ipsos poll this month. It was his worst showing ever in the survey and was down 4 percentage points since March. In a separate AP-Yahoo News poll this month, people named the economy as the nation's top problem, with gas prices are second and the Iraq war far behind.
Mr. Bush spoke shortly after a report that said consumer confidence fell further in April amid heightened concerns about soaring inflation and the weakening job market. The Consumer Confidence Index now stands at 62.3 in April, down from the revised 65.9 in March, said the Conference Board, a private research group.
Mr. Bush was asked about a proposal to suspend fuel taxes for the summer travel season, first made by Republican McCain and later endorsed by Democrat Clinton but not by her rival, Barack Obama. The tax is 18.4 cents per gallon of gasoline and 24.4 cents on diesel fuel. The average price of a gallon of gas has reached $3.60 nationwide.
"I'm open to any ideas and we'll analyze anything that comes up," he said. But Mr. Bush also said he didn't want to inject himself into the ongoing presidential race and favored longer term alternatives.
Mr. Bush renewed his objection to calls that the government discontinue keeping up the nation's Strategic Petroleum Reserve supply while oil prices are so high. "If I thought it would affect the price of oil significantly, I would seriously consider it," he said of an idea embraced by many Democrats and some Republicans.
Senator Byron Dorgan, D-N.D., said today that he will offer an amendment Wednesday that would halt additional deposits into the Strategic Petroleum Reserve until the end of the year or until the price of oil falls below $75 a barrel.
Dorgan said in addition to the entire Democratic Party caucus, enough Republicans are backing the proposal (including Texas Senator Kay Bailey, Chairman of the Republican Policy Committee) to ensure a veto-proof majority.
“The current policy of putting oil underground puts upward pressure on gas prices and is not in the nation’s interest,” said Dorgan. “With oil prices at record highs, and the SPR nearly full, it makes no sense for the Department of Energy to put nearly 70 thousand barrels of oil underground every single day.”
But Mr. Bush said that it was important to keep filling the reserve, based in underground salt domes in Texas and Louisiana, in case there is a terror attack on the nation's oil supplies.
He also once again called for Congress to permit drilling in the Arctic National Wildlife Refuge, a proposal he has made repeatedly since he first took office in 2001, and to pave the way for the building of new refineries.
The president revived an earlier proposal that shuttered military bases be used as sites for new refineries. In the past, oil and energy experts have expressed little interest in that, saying military bases often aren't situated where the oil pipelines are anyhow.
He sidestepped a question on whether there should be a second stimulus package. Rebates started to go out this week as part of a $168 billion stimulus package enacted in February. The checks will range to up $600 for an individual, $1,200 for a couple and an additional $300 for each eligible dependent child.
Mr. Bush also called on Congress to act more quickly on legislation he supports to address the housing and credit crunch by making student loans more available and to help homeowners facing foreclosure.
The president's biggest target was Congress.
"These are difficult times. And the American people know it and they want to know whether or not Congress knows it," Mr. Bush said.
Mr. Bush raised the anti-Congress theme repeatedly. "I believe that they're letting the American people down, is what I believe," he said. "It's either a lack of leadership or a lack of understanding of the issue. And either way, it's not good for the country."
CBS News chief Washington correspondent Bob Schieffer said after the president's remarks that Mr. Bush's goal appeared to be to say that the economic problems are the fault of Congress and not his administration.
Schieffer also said that it was clear how far apart the president is with the Democratic Congress and how it's unlikely anything will get done.
"I think what you saw here was an election year special," Schieffer added.
On other subjects, Mr. Bush said:
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See all 673 CommentsLike, every American will get a free copy of Jenna''s and Laura''s book through a distribution deal with KBR originated via an unbid contract?
This is a joke right???????
We are not in a recession just a bump on the road while staying the course,
This is one of the people who caused our problems in the first place, along with the rest of the Republican Party. Are people really that stupid to still trust Bush & Friends?
Blah, blah, blah Congress'' fault, not mine
Blah, blah, blah supply and demand
Bio-fuels are meant to cover the transition period, waiting for hydrogen ...
How do you produce hydrogen, Mr "President" ?
This is one of the people who caused our problems in the first place, along with the rest of the Republican Party. Are people really that stupid to still trust Bush & Friends?
Posted by jjp735i at 10:40 AM : Apr 29, 2008"
This Prez. is busy checking bottom lines of big energy companies and defense suppliers. Yeah people voted (courtesy supreme court, Die Bold company which made electronic voting machines which did not produce paper trail that were used in key state Ohio in 2004 & who''s CEO promised in his private letter to Republican party that he will help in this election) this Prez. two times. Right now Prez. VP are counting their nest eggs and possible settle in Dubai.
Let''s intterupt every reporter with a witty comment to remind them who''s in charge and lessen the seriousness of the state of our nation.
Goege Dumbya is living proof that sometimes you just need to pull out..........................
not only does it save on contraception, it saves thousands of lives later on......
I cannot believe it, he''s close to have a tantrum.
He is going to give us an idea of how it would be with McCain.
If Bush and his Rubber-Stamp Republicans had taken the 3 trillion dollars we''re borrowing to steal Iraq''s oil and used it to develope the sustainable energy technologies that we already have, we''d be well on our way to energy dependence. We would be exporting this technology to the world. Instead, we export money and blood while we import oil. Conservatives are absolutely incapable of forward thinking leadership. They are like a car stuck in reverse.
lol!
Mr. Bush, you are the most arrogant, stupid and irresponsible person to ever hold the office. The day you leave can''t come soon enough.
What else matters?
Fair trade? Then how come we don''t expect fair and balanced trade with China?
Make your parents proud.
Yeah, who''s been in charge these past 7 years!
This economy was created by your policies of war and greed!
So now, let''s use the high gas prices to pursue that other neocon agenda, drill for oil in Alaska!
Fantastic strategy.
Create artificially inflated prices, make your oil buddies wealthy and now use it as a pretext to pursue your agendas.
Like terrorism!
Great pretext to start a war to enrich your Halliburton buddies!
He isn''t reasonable. He isn''t rational. He speaks down to everyone as if he can hardly believe they don''t see things his way, and to even question him is a sign of stupidity.
We are bogged down in a quagmire in Iraq. Our ecomony is tanking. The nation''s infrastucture is falling apart. We are as depedent on foreign oil as we have ever been. Yet these facts seem to have no effect on Mr. Bush, who is content to make light of the nation''s problems and shift the blame.
Posted by roger_inkart at 11:10 AM : Apr 29, 2008"
He lives in a different universe.
Posted by ethelk2044
NIce timing 2044. Neocons are ready to throw any wild goose story into conversation when things are getting out of hand with their beloved cretin-in-chief.
If Bush and his Rubber-Stamp Republicans had taken the 3 trillion dollars we''re borrowing to steal Iraq''s oil and used it to develope the sustainable energy technologies that we already have, we''d be well on our way to energy dependence. We would be exporting this technology to the world. Instead, we export money and blood while we import oil. Conservatives are absolutely incapable of forward thinking leadership. They are like a car stuck in reverse.
lol!
If Bush and his Rubber-Stamp Republicans had taken the 3 trillion dollars we''''re borrowing to steal Iraq''''s oil and used it to develope the sustainable energy technologies that we already have, we''''d be well on our way to energy independence. We would be exporting this technology to the world. Instead, we export money and blood while we import oil. Conservatives are absolutely incapable of forward thinking leadership. They are like a car stuck in reverse.
lol!
Headline from ABCNews this morning:
''Oil Giants Profit; You Pay More at Pump
High oil prices led to billions more in profits for BP and Shell.''
Congress'' fault? Hardly.
But it''s everyone elses fault, he had nothing to do with it....
What a dumbasss....
Only Shrub could stand there and accuse Congress for his inactions and inept handling of everything since he has taken office.
If ever a President deserved impeachment, Bush is the one. I use the term President and Bush loosely in the same sentence - He is a total disgrace to the office.
Delays? Like delays the majority of the nation who want an end to the occupation of Iraq are suffering from? Ya know, the ones who can actually connect the dots to the failed war and our tanking ecomony?
Mr. Bush, you are a failure. All the morons who still worship you even more so. You have done more damage to the nation then a month of 9/11s could have.
But it''''s everyone elses fault, he had nothing to do with it....
What a dumbasss....
Posted by veteran72
Yeah, you go ask Pewlosi if she can let us drill in Anwar. You ask her if we can drill off-shore. She''ll have to ask her Unions and the EPA. Hahahaha!
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