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CNN Live Saturday
Bush Expected to Unveil Economic Stimulus Package
Aired January 04, 2003 - 18:01 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.
ANDERSON COOPER, CNN ANCHOR: President Bush is expected to unveil the ambitious new plan for getting the economy moving again. The stimulus package will cost a bundle. CNN's Dana Bash is in Crawford, Texas with details of the president's proposal.
Good evening.
DANA BASH, CNN WHITE HOUSE CORRESPONDENT: Hi, Anderson.
Well, the president heads back after 10 days here in Crawford; heads back to Washington tomorrow. He's got a big agenda ahead of him next week. The biggest piece of that agenda is to unveil that stimulus plan. That's what they're calling it, that you just talked about. He does that in Chicago on Tuesday.
Now details are still being worked out, but sources tell us that the cost will be about $600 billion over 10 years. And it will include tax breaks for businesses. It will also include accelerating individuals' tax cuts that were set to kick in, in 2004; moving those up. And it will include tax cuts on stock dividends of about 50 percent or more.
Now, Democrats are waiting for that big speech on Tuesday. They're already criticizing the president saying he's got the wrong idea and what his plans are will not help the economy.
(BEGIN VIDEO CLIP)
SEN. TOM DASCHLE (D), MINORITY LEADER: The tax break the president is said to be proposing is the wrong idea, at the wrong time, to help the wrong people. The plan the president is considering would go almost exclusively to the wealthiest Americans.
(END VIDEO CLIP)
BASH: Bush officials say that they aren't just going offer tax cuts. They're also going to offer other proposals they say will help all Americans. That includes some cash payments to states to help them pay for Medicaid and perhaps some homeland security programs that they have going there.
Also, they say that they will give some aid for the unemployed. The president has already offered to extend the unemployment benefits. They might have a couple of other little nuggets in their proposal to help the unemployed Americans. They also might even -- this is a potential part of the program -- accelerate tax breaks for those who are married and even maybe accelerate tax cuts for the child care tax credit. It is all a part of a plan, they say, to help everybody in America. Democrats, as you heard Anderson, aren't buying it.
COOPER: Dana, how important is it for this White House to be seen to be pro-active on the issue of the economy? Obviously, President Bush saw what trouble his father got in when the economy soured under his father's administration.
BASH: You just nailed it, Anderson. That is exactly what -- a big part of the driving force here is on focusing on the economy. And also, you remember, we have -- I don't know how many, four already -- Democrats coming out saying they want the president's job. You are going to have a lot more. They are going to be beating on the economy.
They believe, like most politicians believe, that the economy is the way to win. And the economy is still having problems. So the president and his advisers want to make sure that he is out in front talking about the economy and talking about the things that he says will help the economy grow -- Anderson.
COOPER: All right, Dana, thanks very much.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
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Aired January 4, 2003 - 18:01 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
ANDERSON COOPER, CNN ANCHOR: President Bush is expected to unveil the ambitious new plan for getting the economy moving again. The stimulus package will cost a bundle. CNN's Dana Bash is in Crawford, Texas with details of the president's proposal.
Good evening.
DANA BASH, CNN WHITE HOUSE CORRESPONDENT: Hi, Anderson.
Well, the president heads back after 10 days here in Crawford; heads back to Washington tomorrow. He's got a big agenda ahead of him next week. The biggest piece of that agenda is to unveil that stimulus plan. That's what they're calling it, that you just talked about. He does that in Chicago on Tuesday.
Now details are still being worked out, but sources tell us that the cost will be about $600 billion over 10 years. And it will include tax breaks for businesses. It will also include accelerating individuals' tax cuts that were set to kick in, in 2004; moving those up. And it will include tax cuts on stock dividends of about 50 percent or more.
Now, Democrats are waiting for that big speech on Tuesday. They're already criticizing the president saying he's got the wrong idea and what his plans are will not help the economy.
(BEGIN VIDEO CLIP)
SEN. TOM DASCHLE (D), MINORITY LEADER: The tax break the president is said to be proposing is the wrong idea, at the wrong time, to help the wrong people. The plan the president is considering would go almost exclusively to the wealthiest Americans.
(END VIDEO CLIP)
BASH: Bush officials say that they aren't just going offer tax cuts. They're also going to offer other proposals they say will help all Americans. That includes some cash payments to states to help them pay for Medicaid and perhaps some homeland security programs that they have going there.
Also, they say that they will give some aid for the unemployed. The president has already offered to extend the unemployment benefits. They might have a couple of other little nuggets in their proposal to help the unemployed Americans. They also might even -- this is a potential part of the program -- accelerate tax breaks for those who are married and even maybe accelerate tax cuts for the child care tax credit. It is all a part of a plan, they say, to help everybody in America. Democrats, as you heard Anderson, aren't buying it.
COOPER: Dana, how important is it for this White House to be seen to be pro-active on the issue of the economy? Obviously, President Bush saw what trouble his father got in when the economy soured under his father's administration.
BASH: You just nailed it, Anderson. That is exactly what -- a big part of the driving force here is on focusing on the economy. And also, you remember, we have -- I don't know how many, four already -- Democrats coming out saying they want the president's job. You are going to have a lot more. They are going to be beating on the economy.
They believe, like most politicians believe, that the economy is the way to win. And the economy is still having problems. So the president and his advisers want to make sure that he is out in front talking about the economy and talking about the things that he says will help the economy grow -- Anderson.
COOPER: All right, Dana, thanks very much.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
9
