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CNN Saturday Morning News

Bush, Democrats Give Radio Addresses on Recession

Aired December 01, 2001 - 11:38   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: From the war overseas to the recession here in the United States, President Bush definitely has his hands full. He used his weekly radio address today to make a new pitch for his economic stimulus plan.

CNN's Kelly Wallace joins us live from near the Presidential retreat at Camp David, Maryland. Easy for me to say, right Kelly. Easy for you to say. Hi, Kelly.

KELLY WALLACE, CNN WHITE HOUSE CORRESPONDENT: That's right. Hello again to you, Kyra.

Well, the president and some Democrats, Kyra, both devoting their weekly radio addresses to the economy. Part of the reason the stakes got a lot higher this week: We learned officially the U.S. economy in a recession since March. We also learned the federal government likely to return to deficit territory this year.

Now, Democrats started stepping up attacks on the president. You see Mr. Bush there leaving the White House yesterday afternoon, saying that that $1 trillion tax cut he signed into law earlier this year is contributing to the bleaker fiscal picture.

Well in his radio address, Mr. Bush said that that tax cut started to stimulate the economy, that there were signs this summer the economy was responding. Mr. Bush, though, said this all changed with the September 11 terrorist attacks. And he said it is crucial now for the Democratically-controlled Senate to act.

(BEGIN AUDIO CLIP)

GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: The terrorist attacks of September the 11th 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.

(END AUDIO CLIP)

WALLACE (ON CAMERA): Now Mr. Bush is pushing a plan of tax cuts, also extending unemployment benefits, but only for workers in those states hardest hit by the terrorist attacks.

Senate Democrats want to see more federal spending to help the unemployed. In their weekly radio address, they took issue with the House of Representatives' $100 billion plan. They say that plan would help big business and the wealthy, and do very little to help workers in need.

(BEGIN AUDIO CLIP)

SEN. HARRY REID (D), NEVADA: The plan passed by House Republicans would give billions of dollars to multinational corporations, almost $2 1/2 billion dollars to IBM, General Electric, and Enron alone, but do virtually nothing to help laid-off workers.

Even the president's Treasury secretary called the House plan show business. My coming from Las Vegas, the entertainment capital of the world, I know something about show business, and the House Republican plan is show business.

(END AUDIO CLIP)

WALLACE: Now, it is unclear if the two sides will be able to settle their differences; negotiations likely to intensify this week. And Kyra, as for Mr. Bush, you could say he's putting domestic politics on the side for a little bit.

He is now in Philadelphia attending the annual Army-Navy game. Mr. Bush was to be visiting both teams' locker rooms and then overseeing the coin toss. And no surprise Kyra, the commander in chief said he's not picking sides here. He'll spend some of the game on the side of the Naval Academy, the other side on the side of West Point. So no favorites for Mr. Bush, Kyra.

PHILLIPS: There you go, remain neutral, very smart move. All right, Kelly Wallace, thanks so much.

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