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CNN Live At Daybreak
President Bush to Unveil Economic Stimulus Plan Today
Aired January 07, 2003 - 06:02 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: In Chicago later this afternoon around 1:00, President Bush formally will unveil his economic stimulus plan.
Our John King says it's a $600 billion program designed to put money in your pocket and encourage investment.
(BEGIN VIDEOTAPE)
JOHN KING, CNN SENIOR WHITE HOUSE CORRESPONDENT (on camera): The president's speech in Chicago is the official beginning of a debate over the economy that will dominate the early weeks of the new Congress. Administration sources say the Bush plan has a price tag of $600 billion over 10 years. Half of that amount, about $300 billion, would go toward eliminating the personal income taxes on corporate dividends. The White House believes that would encourage Americans to invest in stocks.
Another new Bush idea is to create accounts of up to $3,000 that would go to unemployed Americans. They could use that money, again up to $3,000, for job training costs, child care, transportation -- all to help them try to find a new job. And if they found a new job within 13 weeks, they could keep the leftover balance in that account.
The president also wants to accelerate the income tax cuts already passed by the Congress, speed up the elimination of the so- called marriage penalty on two-earner couples, give a rebate for certain child care costs, and extend unemployment benefits.
Mr. Bush says those who say his plan gives most of the benefits to the rich are wrong.
GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: The critics haven't seen the plan. This is a plan that provides tax relief to the working citizens. It's a plan that is a very fair plan. It's a plan that recognizes when somebody has more of their own money, they're likely to spend it, which creates more jobs.
KING: The Democrats would spend about $140 billion on a mix of tax rebates to low and middle-income Americans, expanded unemployment benefits and direct aid to financially-strapped state governments.
REP. NANCY PELOSI (D), MINORITY LEADER: And we've been working very hard to present to the American people a plan that is a real stimulus, that is fair, that is fast-acting, and that is fiscally responsible. KING: The sooner the better is the White House timetable for action by Congress, which is one of the reasons the president is outlining his ideas now instead of waiting three weeks and including them in the State of the Union address.
John King, CNN, the White House.
(END VIDEOTAPE)
COSTELLO: And of course, you can watch CNN's special coverage of the president's speech on the economy right here on CNN. That's at 1:00 p.m. Eastern Time, 10:00 a.m. Pacific.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
Aired January 7, 2003 - 06:02 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: In Chicago later this afternoon around 1:00, President Bush formally will unveil his economic stimulus plan.
Our John King says it's a $600 billion program designed to put money in your pocket and encourage investment.
(BEGIN VIDEOTAPE)
JOHN KING, CNN SENIOR WHITE HOUSE CORRESPONDENT (on camera): The president's speech in Chicago is the official beginning of a debate over the economy that will dominate the early weeks of the new Congress. Administration sources say the Bush plan has a price tag of $600 billion over 10 years. Half of that amount, about $300 billion, would go toward eliminating the personal income taxes on corporate dividends. The White House believes that would encourage Americans to invest in stocks.
Another new Bush idea is to create accounts of up to $3,000 that would go to unemployed Americans. They could use that money, again up to $3,000, for job training costs, child care, transportation -- all to help them try to find a new job. And if they found a new job within 13 weeks, they could keep the leftover balance in that account.
The president also wants to accelerate the income tax cuts already passed by the Congress, speed up the elimination of the so- called marriage penalty on two-earner couples, give a rebate for certain child care costs, and extend unemployment benefits.
Mr. Bush says those who say his plan gives most of the benefits to the rich are wrong.
GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: The critics haven't seen the plan. This is a plan that provides tax relief to the working citizens. It's a plan that is a very fair plan. It's a plan that recognizes when somebody has more of their own money, they're likely to spend it, which creates more jobs.
KING: The Democrats would spend about $140 billion on a mix of tax rebates to low and middle-income Americans, expanded unemployment benefits and direct aid to financially-strapped state governments.
REP. NANCY PELOSI (D), MINORITY LEADER: And we've been working very hard to present to the American people a plan that is a real stimulus, that is fair, that is fast-acting, and that is fiscally responsible. KING: The sooner the better is the White House timetable for action by Congress, which is one of the reasons the president is outlining his ideas now instead of waiting three weeks and including them in the State of the Union address.
John King, CNN, the White House.
(END VIDEOTAPE)
COSTELLO: And of course, you can watch CNN's special coverage of the president's speech on the economy right here on CNN. That's at 1:00 p.m. Eastern Time, 10:00 a.m. Pacific.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
