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American Morning

President Bush Getting Some Advice on U.S. Economy

Aired August 13, 2002 - 08:29   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

BILL HEMMER, CNN ANCHOR: About a half hour from now, President Bush is going to be getting some advice on the U.S. economy. About 240 people, everything from CEOs to labor leaders to farmers -- there's a driver from UPS and an owner of a burrito shop in Texas -- among those at Baylor University for an economic forum.
Our White House correspondent Suzanne Malveaux there, as well, with an update for us and a preview -- Suzanne, good morning.

SUZANNE MALVEAUX, CNN CORRESPONDENT: Well, good morning, Bill.

The economic summit really gives the president and the administration a chance to show they're engaged in Americans' concerns about the volatile stock market as well as the sluggish economy. We're told the president is going to be talking about not only the strength of the economy, but also the weaknesses. Second quarter growth a disappointing 1.1 percent.

Early this morning, Treasury Secretary Paul O'Neill saying they do not expect a double dip recession.

(BEGIN VIDEO CLIP)

PAUL O'NEILL, TREASURY SECRETARY: I think it's slow. It's slow, but we're still on the positive side and I continue to believe we're going to go out the end of the year with a respectable growth rate in the three percent range.

(END VIDEO CLIP)

MALVEAUX: Now, there are going to be 240 participants, including the president, vice president, eight cabinet members and really a who's who of CEOs from the top corporations of our country. But also there'll be housewives, truckers and farmers, we're told. It's going to start very shortly. The president is going to be sitting in about four of the eight discussion groups.

There has been some controversy, Bill, from Democratic law makers, who were not invited, saying that, in fact, this is no more than a public relations show because of many of the participants who are big time Republican donors. Well, the White House is dismissing that this morning -- Bill.

HEMMER: Suzanne, thank you.

Suzanne Malveaux in western Texas for us.

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