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CNN Live Saturday

Bush Signs Stripped-Down Economic Stimulus Plan

Aired March 09, 2002 - 22:17   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.
CATHERINE CALLAWAY, CNN ANCHOR: Well, President Bush may have had some mixed emotions today, as he signed a stripped down version of the Economic Stimulus Plan. On one hand, it got some of the things that he wanted from the bill, but on the other hand, the president's discovering that his high approval ratings to do not guarantee congressional support for his domestic agenda.

Here's CNN's Kelly Wallace.

(BEGIN VIDEOTAPE)

KELLY WALLACE, CNN CORRESPONDENT (voice-over): In an unusual Saturday morning signing ceremony, President Bush, flanked by Republicans and Democrats, embraced the economic stimulus measure, even though it contained far less than he had originally wanted.

GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: And today, we are acting to help workers, we're acting to create jobs, and we're acting to strengthen our economy.

WALLACE: Mr. Bush touted what the White House calls a bipartisan victory, but he was forced to compromise, giving up billions of dollars in tax cuts for individuals and businesses and backing a bill that is much closer to what the Democrats were lobbying for.

REP HAROLD FORD (D), TENNESSEE: I'd say my party got the better of it, largely because the stimulus package that was passed by the House is a scaled down version. And it includes many of the things that many in my party advocated. But frankly speaking, it's a victory for American workers.

WALLACE: But it is also an example of how President Bush has had difficulties translating his soaring approval ratings for the war on terror to his domestic agenda.

ALLAN LICHTMAN, PROFESSSOR, AMERICAN UNIV.: The president is learning the American people can overwhelmingly approve of your war effort. But that does not translate into support for your policies at home, particularly when those policies push a bit further to the right, than where most Americans stand.

WALLACE: For example, the president's nomination of Judge Charles Pickering for the federal appeals court appears all but dead in the Democratically controlled Senate. And his energy plan, including drilling for oil in Alaska's Arctic National Wildlife Refuge, still does not have enough votes to stop a Democratic challenge.

CRAIG CRAWFORD, PUBLISHER, THE HOTLINE: This administration is not doing too well on Capitol Hill, despite the approval ratings.

WALLACE: No surprise, the president's team sees things differently. Aids say Mr. Bush's persistence is part of the reason why laid off workers and businesses are getting some help and accused the Democratically controlled Senate, led by Tom Daschle, of blocking Mr. Bush's agenda.

Still, as the president prepares to mark six months since the terrorist attacks, he knows that not only will the war on terror get more difficult in the months ahead, so will hosting signing ceremonies like the one he enjoyed on this day.

Kelly Wallace, CNN, the White House.

(END VIDEOTAPE)

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