For Immediate Release
Office of the Press Secretary
March 10, 2001
Radio Address by the President to the Nation
The Oval Office
THE
PRESIDENT: Good morning. On Thursday, the House
of Representatives voted in favor of my tax relief plan, a large step
toward the first broad tax reductions in a generation. The
House approved the toughest part of my package to get passed, reduced
tax rates, with the support of several Democrats.
We have
made a good start, with the help of a lot of Americans who contacted
their members of Congress. Thank you all so very much.
Support for tax relief is building. Now I urge the Senate to
move quickly, also.
Our economy
is sputtering. Economic growth has stalled. Consumer
confidence is falling. We can't just stand by and hope for
the best. We must act, and act now, to get ahead of this
problem, and blunt or reverse this slowdown. And the best
way to respond is to get more money into the hands of Americans, who
will buy products and build businesses and create jobs. We
must put more fuel into the engine of this economy, and that's what my
tax relief package will do.
My overall
budget plan funds important priorities like education. It pays down
our national debt at a record rate. It sets aside nearly a
trillion dollars in a contingency fund for future needs and
emergencies. And we still have surplus money left over for broad,
fair, responsible tax relief.
High tax
rates punish hard work and enterprise, values America has always tried
to reward. And high tax rates are particularly damaging
during an economic slowdown. They act like an anchor on the
economy, a drag on economic growth. High tax rates can make
a downturn deeper; they can make a slowdown longer. A time
of economic stagnation is exactly the moment when tax relief is most
urgent.
Not long
ago, the Chairman of the Federal Reserve testified before Congress that
tax relief in the past has often come too late to boost the
economy. This is why I support making tax relief
retroactive, meaning the new lower rates will take effect as of three
months ago, on January 1st of this year. And that is why I'm
asking Congress to act as soon as possible.
There's
another reason to act quickly -- because many families need some help
right away. A lot of Americans are struggling with debt and
some have borrowed against their homes to repay it. These
families could certainly use extra money-money that my tax relief plan
will offer. Other families will buy some things they need,
or save for college or retirement.
Tax relief
is good for our economy precisely because it is good for American
families. When millions of families have some extra money to
save and spend, it helps kick-start our economic
growth. When families are more confident about the economic
future, that future gets brighter for us all.
I feel the
momentum for tax relief everywhere I travel in this
country. Americans know our economy needs some immediate
help. Americans know they are over-taxed and over-charged by
their government, and Americans are ready for a refund. For
all these reasons I urge the Congress to deliver tax relief
now. And I hope you will urge them to do the same.
Thank you
for listening.
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