Bush: Millions of stimulus checks sent

WASHINGTON, July 11 (UPI) -- More than 112 million economic stimulus checks have been mailed, representing about $91 billion in relief, U.S. President George Bush said Friday.

The mailing of the checks "has had a positive effect on retail sales," Bush said after meeting with his team of economic advisers at the White House.

Concerning struggling mortgage lenders Fannie Mae and Freddie Mac, Bush said Treasury Secretary Henry Paulson "assured me that that he and (Federal Reserve Chairman) Ben Bernanke will be working this issue very hard."

The two government-backed mortgage companies watched their shares drop this week as they struggle to raise billions in fresh capital.

Bush used the briefing to renew his call to Congress to open up more off-shore land to drilling, as well as explore the potential shale oil in the western United States.

Some Democratic leaders have resisted efforts to open protected lands to exploration, saying companies should drill the 100 million domestic acres already approved for exploration.

Discussions also covered environmentally friendly exploration techniques, Bush said.

"Technology has changed dramatically to enable the exploitation of oil in a way that protects the environment," Bush said.

Congress must address energy-related issues before the August recess, he said, singling out Democrats.

"They have a responsibility to explain to their constituents why we should not be drilling for more oil here in America to take the pressure off of gasoline prices," Bush said.