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CNN Saturday Morning News
Bush Delivers Radio Address
Aired December 01, 2001 - 10:04 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: President Bush and congressional Democrats are using the radio waves this morning to boost their plans to stimulate the staggering economy.
Our White House correspondent Kelly Wallace near Camp David, Maryland, where the president is spending the weekend.
Great to see you, Kelly.
KELLY WALLACE, CNN WHITE HOUSE CORRESPONDENT: Great to see you too, Kyra.
Well, you could call this the dueling radio addresses -- President Bush starting off just a few minutes from now, calling on Congress to pass a measure to give a boost to the economy.
Kyra, the backdrop here, this week, we learned officially the economy has been in a recession since March. We also learned that the federal government would be returning to deficits this year and could be there for the next couple of years.
Mr. Bush will fight these new developments, to say it is more important than ever for Congress to act, to help those workers who are out of work and also again, to give a boost to the economy. But Democrats will use their radio address, which we'll hear about an hour from now, to say that Republicans are not willing to negotiate with Democrats and that more federal spending is needed to help the unemployed.
So you have definite philosophical differences between the Democrats and the Republicans. It is anybody's guess right now if the two sides will be able to work this out. But we are already seeing both sides doing a bit of the blame game, blaming the other if there is not an economic stimulus package passed over the next couple of weeks, before Christmas.
Let's go now and listen to President Bush in his weekly radio address.
(BEGIN AUDIO CLIP)
GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: Good morning. This week, the official announcement came that our economy has been in recession since March and unfortunately, to a lot of Americans that news comes as no surprise. Many have lost jobs or seen their hours cut. Many have seen friends or family laid off.
The long economy expansion that started 10 years ago in 1991 began to slow last year. Many economists warned me when I took office that a recession was beginning. So we took quick action. We passed the biggest tax cut in a generation and we imposed some much-needed discipline on federal spending. And by the end of the summer, we could see signs that the economy was responding.
But the terrorist attacks of September 11 hit our economy hard. They hurt our airlines and hotels and restaurants and undermined consumer and business confidence. Now, we need to act boldly to protect America's economic security.
There are two immediate priorities for America's recovery. We must bring quick help to those who need it most and we must restore our economy's growth. It's the holiday season. It's a time to reach out to Americans' who are hurting; to help them put food on the table and to keep a roof over their heads.
I've offered a plan to provide immediate assistance to those who've lost their jobs in the wake of the terrorist attack. My plan extends unemployment compensation by 13 weeks in the states hardest hit by terrorism. My plane helps states offer Medicaid to uninsured workers in need and their families. And my plan offers emergency grants to states to help displaced workers get job training and find new work and continue their health insurance. Practical health in a difficult time. And I'm working with congressional leaders on more ideas to help Americans who've lost their job.
In the long run, the right answer to unemployment is to create more jobs. I have proposed a package of job creating measures. I've asked Congress for tax relief for low and moderate income people, to put more money into the hands of consumers and to put people to work making things that consumers want.
I have proposed we lower taxes on employers who buy new equipment to expand their business and hire more people. We should reform our tax laws so that employers don't pay more taxes as their profits shrink. And I propose we speed up the income tax cuts Congress passed in the spring so that people can keep more of their own money to spend or pay their debts.
I asked for this job creation package on October the 5th. The House of Representatives responded swiftly. Yet, I'm still waiting for a bill to sign and more importantly, for more than 415,000 Americans who've lost their jobs since then.
You know, after September the 11th, my administration and the Congress made a conscious decision to show the terrorists we could work together. We have an obligation to show that democracy works. We've done that and now, we need to do it again by helping dislocated workers and spurring economic growth.
Thank you for listening.
(END AUDIO CLIP) WALLACE: Mr. Bush devoting his entire weekly radio address to the economy. Two things we're hearing from the president -- number one, Mr. Bush saying even before he took office, there were signs that a recession happened to be on the way. He says he took quick action, signing into law that trillion dollar tax cut. Well, Democrats are saying that tax cut is part of the reason that the federal government will be returning deficits. Look for that argument to continue.
And then Mr. Bush making the case for his economic stimulus proposal -- the series of tax cuts. Also, the president wanting to give more money to the states to help laid off workers. Kyra, this is a big sticking point because Democrats want more federal money, more money to go to those laid off workers where the president would like to see the money go to the states and then the states give it to the workers in need.
Kyra, back to you.
PHILLIPS: All right. Our Kelly Wallace, thank you so much.
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