THE PRESIDENT: Good
afternoon. I just concluded a meeting with my economic
policy team. Secretary O'Neill has been up on the Hill
talking to members of Congress and brought back some encouraging
news. And that is, the United States Congress is interested
in working as quickly as possible to pass an economic stimulus
package.
I want to remind the American people that
the Congress has been working with us to provide relief. We
passed monies for disaster relief, monies to help the people in New
York. We passed appropriations to help beef up our
security. We passed appropriations to help airlines.
Yesterday, I proposed additional expenditures to help workers who have
been laid off as a result of the September 11th
tragedy. That spending totals about $60
billion.
And in order to stimulate the economy,
Congress doesn't need to spend any more money -- what they need to do
is to cut taxes. So I propose this: I propose that the
United States Congress, as quickly as possible, pass tax relief equal
to or a little bit greater than the monies that we have already
appropriated.
Tax relief should come in this kind of
form. One, that we ought to stimulate demand by cutting --
accelerating the marginal tax cuts that we've passed and I've
signed. As well as, there ought to be a provision in the tax
relief package to make sure that low- and moderate-income workers get
tax relief, as well.
And on the business side, we need to
stimulate investment by allowing for enhanced expensing of capital
expenditures, and we believe they ought to eliminate alternative
minimum tax on corporate America.
This is a package which will dovetail
nicely with the marginal cuts and the increased child credit that will
kick in next year as well. The American people expect us to
act, and here is a way for us to act. We've spent money, and
that will have a stimulative effect of some kind.
But to make sure that the economy gets the
boost it needs, Congress ought to come together quickly and accept the
ideas that I've just laid out. We believe that will be the
best way to make sure that America recovers from the terrorist attack
of September the 11th.
The terrorists attacked us, but they did
not diminish our spirit, nor did they undermine the fundamentals of our
economy. And we believe if we act expeditiously, that those
fundamentals will kick back in and people will be able to find work
again.
I hope you all have a fine
weekend. Thank you all very much.