NEW YORK (CNNMoney.com) - Under the backdrop of a deteriorating economic picture, President Bush said Tuesday he is taking action to help people with falling home values and high gas prices.
Bush highlighted plans to stabilize the mortgage lenders Fannie Mae and Freddie Mac and lift the ban on offshore oil drilling as two steps his administration is taking to address some of the nation's economic ills.
Watch: Bush: A 'tough time'
'It's been a difficult time for American families," Bush said at a press conference. "We must ensure we can continue providing credit during this time of stress."