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Bush: Tax Cut is Crucial to Economy

Aired April 15, 2003 - 12:22   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.


WOLF BLITZER, ANCHOR: from Baghdad to Washington, specifically to the White House. President Bush was in the rose garden just a couple hours or so ago speaking about the war in Iraq. But also raising another issue, an issue very close to his heart.
Our White House correspondent, Dana Bash, is standing by on the north lawn of the White House to tell us all about it -- Dana.

DANA BASH, CNN CORRESPONDENT: Hi, Wolf. Well, the president, just a little while ago, as you said, in the Rose Garden did say that the Iraqi regime is gone. But he also said that it was just a month ago, noted a month ago Saddam Hussein was still in power and that the Iraqi people were imprisoned in that country.

But he said that the mission, while it will be victorious eventually, it is not complete at this time because there is still something left to do. Another one of the stated goals of his campaign is to clear the country of its weapons of mass destruction. He said they are still going to continue to focus on that.

(BEGIN VIDEO CLIP)

GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: Now the Congress must focus on a robust and effective growth package. We need at least $550 billion in that package. Because the more tax relief that goes to the American people, the more jobs we will create in this economy.

(END VIDEO CLIP)

BASH: Wolf, that obviously was the president talking about the economy and not the situation in Iraq. But quickly back to Iraq.

What the president said is that what the U.S. forces, coalition forces are still going to have to do is find the weapons of mass destruction that the U.S. still believes is in Iraq. And he said that that will take some time. And that Americans should be patient. But made clear that victory really is very, very near.

On the domestic front, on the home front, as you just heard, the president turned to that. And it was the first time we heard the president talking about the economy in about a month, since the war started. And you heard him talking specifically about the tax cut.

Last week Congress, before they left town, slashed his proposed $726 billion tax cut down to $550 billion. Some people in his own party in the Senate say they want no more than $350 billion. You heard him saying for the first time acknowledging he's not going to get what he asked for but he does want more than what the Congress is working on. The White House is going to push for that over the next two weeks. The president is focused again publicly on the home front, on the economy. And of course it's a very important issue to this White House. They are focusing on that.

And one more important thing that he noted is that he understands that the deficit is very large. That it is about -- he didn't say this, but it is about $400 billion right now. And he understands that people are reluctant to have a tax cut at this time, noting that the deficit is large because of the war, because of a recession and because of, he said, a national emergency at home.

But his view, he said, is that the way to get rid of that deficit is to have growth and for the president, growth means tax cuts -- Wolf.

BLITZER: And taxes on April 15 today. All of us have to file our income tax returns. Probably not coincidental either.

BASH: No.

BLITZER: Dana Bash at the White House, thanks very much for that update.

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 April 15, 2003 - 12:22   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
WOLF BLITZER, ANCHOR: from Baghdad to Washington, specifically to the White House. President Bush was in the rose garden just a couple hours or so ago speaking about the war in Iraq. But also raising another issue, an issue very close to his heart.
Our White House correspondent, Dana Bash, is standing by on the north lawn of the White House to tell us all about it -- Dana.

DANA BASH, CNN CORRESPONDENT: Hi, Wolf. Well, the president, just a little while ago, as you said, in the Rose Garden did say that the Iraqi regime is gone. But he also said that it was just a month ago, noted a month ago Saddam Hussein was still in power and that the Iraqi people were imprisoned in that country.

But he said that the mission, while it will be victorious eventually, it is not complete at this time because there is still something left to do. Another one of the stated goals of his campaign is to clear the country of its weapons of mass destruction. He said they are still going to continue to focus on that.

(BEGIN VIDEO CLIP)

GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: Now the Congress must focus on a robust and effective growth package. We need at least $550 billion in that package. Because the more tax relief that goes to the American people, the more jobs we will create in this economy.

(END VIDEO CLIP)

BASH: Wolf, that obviously was the president talking about the economy and not the situation in Iraq. But quickly back to Iraq.

What the president said is that what the U.S. forces, coalition forces are still going to have to do is find the weapons of mass destruction that the U.S. still believes is in Iraq. And he said that that will take some time. And that Americans should be patient. But made clear that victory really is very, very near.

On the domestic front, on the home front, as you just heard, the president turned to that. And it was the first time we heard the president talking about the economy in about a month, since the war started. And you heard him talking specifically about the tax cut.

Last week Congress, before they left town, slashed his proposed $726 billion tax cut down to $550 billion. Some people in his own party in the Senate say they want no more than $350 billion. You heard him saying for the first time acknowledging he's not going to get what he asked for but he does want more than what the Congress is working on. The White House is going to push for that over the next two weeks. The president is focused again publicly on the home front, on the economy. And of course it's a very important issue to this White House. They are focusing on that.

And one more important thing that he noted is that he understands that the deficit is very large. That it is about -- he didn't say this, but it is about $400 billion right now. And he understands that people are reluctant to have a tax cut at this time, noting that the deficit is large because of the war, because of a recession and because of, he said, a national emergency at home.

But his view, he said, is that the way to get rid of that deficit is to have growth and for the president, growth means tax cuts -- Wolf.

BLITZER: And taxes on April 15 today. All of us have to file our income tax returns. Probably not coincidental either.

BASH: No.

BLITZER: Dana Bash at the White House, thanks very much for that update.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com