Return to Transcripts main page
CNN Sunday Morning
Bush Returns to Washington From Texas Ranch
Aired January 05, 2003 - 08:11 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.
HEIDI COLLINS, CNN ANCHOR: And now, to the White House and a busy week for the president. Mr. Bush returns to Washington today from his Texas ranch. Some of the items on his agenda are Iraq, North Korea, and the economy. White House correspondent Suzanne Malveaux is joining us now with the details.
Good morning, Suzanne.
SUZANNE MALVEAUX, CNN WHITE HOUSE CORRESPONDENT: Good morning.
You're right. President Bush is going to be back here later today. He is facing an incredible week here, many different challenges, talking about the economy, North Korea, as well as Iraq.
His first initiative is going to be to introduce the economic stimulus package. What we know so far is that on Tuesday he will be unveiling that plan in Chicago. On Monday he'll be discussing it with his Cabinet members, the details.
But what we know so far, it is expected to be some $600 billion over the next 10 years, that it is likely to include some tax breaks for businesses, accelerating individuals tax cuts, that weren't set to kick in until 2004, some tax cuts on stock dividends, a very controversial proposal. Also expected in the plan, would be aid for the unemployed and as well as federal dollars for cash-strapped states.
Now, it's a plan that has already attracted some criticism from some Democrats who say they believe it will only benefit, actually, the wealthiest Americans. And that it will not be successful in jump- starting the economy.
(BEGIN VIDEO CLIP)
GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: I'm concerned about all people. And I don't view the politics of -- you know I understand the politics of economic stimulus, if some would like to turn this into class warfare. That's not how I think.
SEN. TOM DASCHLE (D-SD), 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) MALVEAUX: Now, Cabinet members are expected to try to sell this plan in the weeks to come. Also we are expected to see Stephen Friedman, he is the president's new economic adviser, as well as Vice President Dick Cheney to hit Wall Street to also sell the plan there to businessmen, as well.
Now, in light of all the things the president is dealing with the economy, also dealing with North Korea, as well. We expect in the next two days, there are going to be high-level talks involving Assistant Secretary of State of East Asian Affairs James Kelly, who is going to be hosting Japan as well as South Korea at the State Department for these tri-lateral talks, to really try to emphasize the need for diplomatic and economic means to gets Pyongyang to really give up its nuclear ambitions.
And of course, as you know, Heidi, also on the table, President Bush talking to the troops in Fort Hood, just a couple of days ago saying once again that Saddam Hussein's, the end game is near, that the days are numbered for him. The president has to make a critical decision in the weeks to come, whether or not military action is necessary. The administration telling us that he will decide that after the weapons inspectors go back to the U.N. Security Council and report their findings to see if they have found anything.
Heidi?
COLLINS: Suzanne, back to the domestic front for just a moment. We know there's been some concern on the part of the Republicans about this economic stimulus plan, for keeping the cost down to what the estimated cost was in the beginning. What are they thinking now, that it is coming up in just a of couple of days, to see at least the first portions of this plan?
MALVEAUX: As you know, both chambers of Congress, Republican controlled, so they feel that they are quite confident that they can push this through. But yes, you are absolutely right. There are some Republicans that are very concerned about this, as well. They look at this will dollar figure, $600 billion, some looking at it, saying, gee, this is twice as much as what we had expected before. But the administration is confident. They think they will be able to push this through. They've got the Republican majority.
But again, it is going to be a battle. And you're going to see Democrats already before the plan has formally been unveiled coming out and criticizing this. We're expected to see quite a debate in the weeks to come.
COLLINS: That is right. The president will need his sleep. Suzanne Malveaux from the White House today. Thank you.
MALVEAUX: Sure.
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 5, 2003 - 08:11 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
HEIDI COLLINS, CNN ANCHOR: And now, to the White House and a busy week for the president. Mr. Bush returns to Washington today from his Texas ranch. Some of the items on his agenda are Iraq, North Korea, and the economy. White House correspondent Suzanne Malveaux is joining us now with the details.
Good morning, Suzanne.
SUZANNE MALVEAUX, CNN WHITE HOUSE CORRESPONDENT: Good morning.
You're right. President Bush is going to be back here later today. He is facing an incredible week here, many different challenges, talking about the economy, North Korea, as well as Iraq.
His first initiative is going to be to introduce the economic stimulus package. What we know so far is that on Tuesday he will be unveiling that plan in Chicago. On Monday he'll be discussing it with his Cabinet members, the details.
But what we know so far, it is expected to be some $600 billion over the next 10 years, that it is likely to include some tax breaks for businesses, accelerating individuals tax cuts, that weren't set to kick in until 2004, some tax cuts on stock dividends, a very controversial proposal. Also expected in the plan, would be aid for the unemployed and as well as federal dollars for cash-strapped states.
Now, it's a plan that has already attracted some criticism from some Democrats who say they believe it will only benefit, actually, the wealthiest Americans. And that it will not be successful in jump- starting the economy.
(BEGIN VIDEO CLIP)
GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: I'm concerned about all people. And I don't view the politics of -- you know I understand the politics of economic stimulus, if some would like to turn this into class warfare. That's not how I think.
SEN. TOM DASCHLE (D-SD), 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) MALVEAUX: Now, Cabinet members are expected to try to sell this plan in the weeks to come. Also we are expected to see Stephen Friedman, he is the president's new economic adviser, as well as Vice President Dick Cheney to hit Wall Street to also sell the plan there to businessmen, as well.
Now, in light of all the things the president is dealing with the economy, also dealing with North Korea, as well. We expect in the next two days, there are going to be high-level talks involving Assistant Secretary of State of East Asian Affairs James Kelly, who is going to be hosting Japan as well as South Korea at the State Department for these tri-lateral talks, to really try to emphasize the need for diplomatic and economic means to gets Pyongyang to really give up its nuclear ambitions.
And of course, as you know, Heidi, also on the table, President Bush talking to the troops in Fort Hood, just a couple of days ago saying once again that Saddam Hussein's, the end game is near, that the days are numbered for him. The president has to make a critical decision in the weeks to come, whether or not military action is necessary. The administration telling us that he will decide that after the weapons inspectors go back to the U.N. Security Council and report their findings to see if they have found anything.
Heidi?
COLLINS: Suzanne, back to the domestic front for just a moment. We know there's been some concern on the part of the Republicans about this economic stimulus plan, for keeping the cost down to what the estimated cost was in the beginning. What are they thinking now, that it is coming up in just a of couple of days, to see at least the first portions of this plan?
MALVEAUX: As you know, both chambers of Congress, Republican controlled, so they feel that they are quite confident that they can push this through. But yes, you are absolutely right. There are some Republicans that are very concerned about this, as well. They look at this will dollar figure, $600 billion, some looking at it, saying, gee, this is twice as much as what we had expected before. But the administration is confident. They think they will be able to push this through. They've got the Republican majority.
But again, it is going to be a battle. And you're going to see Democrats already before the plan has formally been unveiled coming out and criticizing this. We're expected to see quite a debate in the weeks to come.
COLLINS: That is right. The president will need his sleep. Suzanne Malveaux from the White House today. Thank you.
MALVEAUX: Sure.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
