Return to Transcripts main page
Live From...
President Bush Unveils Stimulus Package
Aired January 07, 2003 - 14:01 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.
KYRA PHILLIPS, CNN ANCHOR: He's better known as commander-in- chief, but he's chief economist also. And today, President Bush has announced a plan to spur the nation's economy. It's ambitious and expensive. The centerpiece? More tax cuts.
CNN's Suzanne Malveaux is in Chicago, where the president spelled it all out.
Hi -- Suzanne.
SUZANNE MALVEAUX, CNN WHITE HOUSE CORRESPONDENT: Hi, Kyra.
Here in windy Chicago, President Bush just unveiled his economic stimulus package -- really a very bold plan. This is really a top priority for the Bush administration.
The price tag to this package, $674 billion over 10 years, but the administration says it will allow 92 million taxpayers a tax cut of more than $1,000. They also say it will create more than two million jobs over the next three years.
Now, this is a White House that is laying out its economic agenda, its domestic agenda, very much aware that the president, if he has a chance in 2004 -- election 2004, it may very well hinge on what he accomplishes in the next six month, how he handles the economy. It is widely believed that Bush, Sr., despite the success of the Gulf War, struggled with the recession. This is a White House that is determined not to make that mistake.
(BEGIN VIDEO CLIP)
GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: Today in Washington, a new Congress convenes, and I will ask members of both parties to work with me to secure our economic future. We cannot be satisfied until every part of our economy is healthy and vigorous. We will not rest until every business has a chance to grow, and every person who wants to find work can find it.
(END VIDEO CLIP)
MALVEAUX: Now, Kyra, some of the highlights of that will be the elimination of the tax on stock dividends -- the double tax, the administration calls it. Also speeding up the individual personal income tax cuts that have already been passed by Congress, really urging that that happens immediately. And also speeding up the elimination of the so-called marriage tax penalty. He wants to see that abolished fairly quickly. And also raising the child tax credit from $600 to $1,000.
We also should mention as well, this is a decision the president signed off on just yesterday, the creation of what he calls his reemployment accounts -- that is really $3.6 million -- billion, rather, to states to hand out as much as $3,000 to each unemployed individual who comes forward who qualifies for the money. They could use that for education, for job training, child care -- that type of thing. This is really something that is very unique for the administration. They say the president really just signing off on that yesterday.
All of this started over the summer when they looked at the economy and really wanted to jump start this. They tell us that critical decisions were made in November, and then President Bush really looking at the very details at his ranch just over the holiday. And then, finally it was yesterday when he gave the final word -- Kyra.
PHILLIPS: Live in Chicago, Suzanne Malveaux -- thank you.
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 - 14:01 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
KYRA PHILLIPS, CNN ANCHOR: He's better known as commander-in- chief, but he's chief economist also. And today, President Bush has announced a plan to spur the nation's economy. It's ambitious and expensive. The centerpiece? More tax cuts.
CNN's Suzanne Malveaux is in Chicago, where the president spelled it all out.
Hi -- Suzanne.
SUZANNE MALVEAUX, CNN WHITE HOUSE CORRESPONDENT: Hi, Kyra.
Here in windy Chicago, President Bush just unveiled his economic stimulus package -- really a very bold plan. This is really a top priority for the Bush administration.
The price tag to this package, $674 billion over 10 years, but the administration says it will allow 92 million taxpayers a tax cut of more than $1,000. They also say it will create more than two million jobs over the next three years.
Now, this is a White House that is laying out its economic agenda, its domestic agenda, very much aware that the president, if he has a chance in 2004 -- election 2004, it may very well hinge on what he accomplishes in the next six month, how he handles the economy. It is widely believed that Bush, Sr., despite the success of the Gulf War, struggled with the recession. This is a White House that is determined not to make that mistake.
(BEGIN VIDEO CLIP)
GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: Today in Washington, a new Congress convenes, and I will ask members of both parties to work with me to secure our economic future. We cannot be satisfied until every part of our economy is healthy and vigorous. We will not rest until every business has a chance to grow, and every person who wants to find work can find it.
(END VIDEO CLIP)
MALVEAUX: Now, Kyra, some of the highlights of that will be the elimination of the tax on stock dividends -- the double tax, the administration calls it. Also speeding up the individual personal income tax cuts that have already been passed by Congress, really urging that that happens immediately. And also speeding up the elimination of the so-called marriage tax penalty. He wants to see that abolished fairly quickly. And also raising the child tax credit from $600 to $1,000.
We also should mention as well, this is a decision the president signed off on just yesterday, the creation of what he calls his reemployment accounts -- that is really $3.6 million -- billion, rather, to states to hand out as much as $3,000 to each unemployed individual who comes forward who qualifies for the money. They could use that for education, for job training, child care -- that type of thing. This is really something that is very unique for the administration. They say the president really just signing off on that yesterday.
All of this started over the summer when they looked at the economy and really wanted to jump start this. They tell us that critical decisions were made in November, and then President Bush really looking at the very details at his ranch just over the holiday. And then, finally it was yesterday when he gave the final word -- Kyra.
PHILLIPS: Live in Chicago, Suzanne Malveaux -- thank you.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
