Economic concerns are growing with more signs of weakening financial markets. On Capitol Hill, Federal Reserve Chair Ben Bernanke told lawmakers economic growth is at “a sluggish pace” with few signs of improvement. The US dollar continued to decline, reaching a new low against the euro. In California, thousands of anxious customers endured long lines to withdraw funds from the troubled bank IndyMac. The Federal Deposit Insurance Corp. took control of the bank Friday after it succumbed to huge losses from defaulted mortgages. The Los Angeles Times reports many customers reported being denied access to tens of thousands of dollars in their accounts. At the White House, President Bush tried to allay economic fears by assuring account-holders they’re insured up to $100,000. Bush also called his decision to lift a ban on offshore oil drilling a means to boost the economy.

President Bush: “I heard somebody say, ‘Well, it’s going to take seven years.’ Well, if we’d have done it seven years ago, we’d be having a different conversation today. I’m not suggesting we’d have completely created a — you know, changed the dynamics in the world, but it certainly would have been, we’d have been using more of our own oil and sending less money overseas.”