For Immediate Release
Office of the Press Secretary
December 14, 2002
President Calls on Congress to Extend Unemployment Benefits
Radio Address by the President to the Nation
THE PRESIDENT: Good morning. This week I introduced new members
of my economic team. For the Secretary of the Treasury, I have
submitted the name of John Snow, a respected business leader and
economist who shares my commitment to faster growth and more new jobs
for American workers. I have nominated Bill Donaldson to serve as
Chairman of the Securities and Exchange Commission, to vigorously
enforce the laws against corporate corruption. And here at the White
House, Steve Friedman will be the Director of the National Economic
Council, giving me daily advice on our economy.
These leaders will assume their duties at an important moment for
our economy. There are many good signs. Inflation is firmly under
control, which means food, clothing, and other necessities are more
affordable. Mortgage interest rates remain at historic lows, helping
more Americans become homeowners. And growth has returned to the
American economy.
Yet we also face specific challenges that could slow the recovery
and limit future growth. Many Americans have very little money left
over after taxes. Some struggle under a weight of debt that makes it
difficult to save for retirement. Investor confidence needs to be
strengthened in practical ways. And the nation's rate of unemployment
is now 6 percent, and significantly higher in some parts of America.
We will not rest until every person in America who wants to work can
find a job.
The new Congress that convenes next month will have a
responsibility to address these challenges, and I will be making
specific proposals to increase the momentum of economic recovery
through a growth and jobs package.
The last Congress also left behind some unfinished business. The
House and Senate passed different bills extending unemployment
benefits. However, no final bill was sent to me extending unemployment
benefits for about 750,000 Americans whose benefits will expire on
December 28th. These Americans rely on their unemployment benefits to
pay for the mortgage or rent, food, and other critical bills. They
need our assistance in these difficult times, and we cannot let them
down.
I have shared these concerns with leaders of the House and the
Senate and they understand the need for early action. When our
legislators return to the Capitol, I ask them to make the extension of
unemployment benefits a first order of business. And the benefits they
approve should be retroactive, so that people who lose their benefits
this month will be paid in full. I've also directed the Department of
Labor to work with the states to minimize any delay in helping these
Americans once Congress has acted and extended these benefits.
I look forward to working with members of both parties in the new
Congress on our economic challenges. We must help our fellow citizens
who have lost their jobs. And we must create an environment in which
businesses, especially small businesses, can grow and generate the new
jobs our country needs.
Thank you for listening.
END
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