WASHINGTON (Reuters) - President George W. Bush will hold a news conference on Tuesday at 10:20 a.m. EDT to discuss the economy, including recent steps to stabilize the housing and financial markets, the White House said.

The Bush administration, in close coordination with the Federal Reserve, announced measures on Sunday to aid mortgage lenders Fannie Mae and Freddie Mac, which have been under pressure as the housing market deteriorated.

Bush is expected to speak for several minutes before taking questions. That will come as Federal Reserve Chairman Ben Bernanke testifies to the Senate Banking Committee on monetary policy and other economic issues.

The president will also discuss offshore drilling, White House spokeswoman Dana Perino said, a day after he lifted a White House ban preventing oil and natural gas exploration on the Outer Continental Shelf in a bid to push down soaring energy prices.

Democrats, who control Congress, have indicated they oppose lifting a congressional ban on such drilling, making Bush's move largely symbolic.

(Reporting by Jeremy Pelofsky and Matt Spetalnick; Editing by Kristin Roberts)