Housing in 'time of turbulence,' Bush says

WASHINGTON, June 6 (UPI) -- U.S. President George Bush used a swearing-in ceremony Friday to push for legislation that would expand U.S. energy production and make tax cuts permanent.

Bush spoke about the economy during the swearing-in ceremony of Steve Preston as Housing and Urban Development secretary.

"This is a time of turbulence in the housing market and slow growth for our overall economy," Bush said, noting that the Labor Department reported 49,000 jobs lost in May and the unemployment rate rose to 5.5 percent.

Bush said the rise in the unemployment rate "clearly a sign that is consistent with slow economic growth."

The White House and Congress tried to address the economic concerns through passage of the economic stimulus package, Bush said.

"At a time when Americans are concerned about higher gas prices, Congress needs to pass legislation that expands -- that will allow for the expansion of American energy production," Bush said.

Bush also urged Congress to "send a clear message" that tax relief passed in 2001 and 2003 be made permanent.

Preston's first priority will be "to help lead my administration's response to the challenges in the housing market," Bush said.

The Senate unanimously approved Preston as HUD secretary Thursday.