03 October 2001

Bush Discusses Economic Stimulus with Business Leaders in New York

By Judy Aita
Washington File Staff Writer

New York -- President Bush returned to New York City October 3 to meet with two distinctly different groups of Americans -- about 30 of the nation's top business leaders and a class of first graders at a school near the location of the World Trade Center.

The president first discussed with the business leaders what can be done to get the U.S. economy back on track, saying that the White House is working on an economic stimulus package of $60-75,000 million.

"There is no question the events of September 11 shocked our economy just like it shocked the conscience of our nation, but like those terrorists they cannot affect our soul, they can't affect the greatness of America. We all believe the underpinnings are there for economic recovery. We all must do our part and the federal government has a role to play," the president said.

"The administration believes we ought to have 60 to 75 billion more dollars of stimulus to encourage consumer confidence, to enhance business investment as well as to take care of displaced workers," he said.

The president said that he discussed with the business leaders specific ways to stimulate the economy through boosting consumer confidence, a variety of options for corporate relief, and ways to encourage investment.

Talking with journalists after the meeting, Bush said he assured the business leaders that the federal government intended to play a "strong and active role" and that "our government will do everything it can to get our economy growing to make it as strong as possible."

He pointed out that $40,000 million in tax rebates were given out earlier this year, there will be a $70,000 million stimulus through tax rate reductions next year, and a $15,000 million rescue package has been approved for U.S. airline companies, but he added that "we believe there ought to be more to make sure the consumer has got money to spend ... in the short term."

"Secondly, there needs to be business relief as well to encourage investment and, finally, there needs to be a displaced worker package. We have to recognize that as a result of September 11 folks have been laid off and we need to make sure they are able to survive until this economy gets going again," the president said.

Bush refused to talk of a recession, saying "leave that talk up to the statisticians." He then added that "my attitude is: One person laid off is one person too many and therefore we've got to do what it takes to make sure that person who got laid off is able to find work."

"I'm not going to dwell on the past, I'm looking forward. I believe we have a fantastic opportunity to invigorate this economy and to assure the business leaders around America that the government is playing a very active role and that we will take the steps necessary to provide growth and stimulus," he said.

The president also talked about how important it is for Americans to get on with their lives.

"The average American must not be afraid to travel. We opened [Washington's] Reagan Airport yesterday for a reason: We think it's safe and people ought to feel comfortable about traveling around our country," he said. "They ought to take their kids on vacations, they ought to go to ballgames."

"We are aware -- how can you not be aware -- that we've entered into a new era. The imagery is vivid in people's minds. But nevertheless Americans must know that their government is doing everything we can to track down every rumor, every hint, every possible evil doer and therefore Americans ought to go about their business. And they are beginning to do so," the president said.

Kenneth Chenault, the chief executive officer of American Express, said that the meeting with the president was "very productive."

The president's team "is moving very quickly and decisively on a range of actions to help stimulate the economy," Chenault said. "What happened here is a very close partnership that exists between the private sector and the public sector because we are all in this together."

Bush also talked about Secretary of Defense Donald Rumsfeld's current trip to Saudi Arabia, Oman, Egypt, and Uzbekistan. The secretary, he said, went to share information and "to discuss the determination of our nation."

"People need to be able to look us in the eye and know that when we say that we're in this for the long run, that we're going to find the terrorists and bring them to justice, we mean it," the president said.

"It's hard for people around the world to understand the resolve of America. They may hear my speech occasionally, but they need to look at the eyes of the members of my administration and hear them say that not only is this president resolved but America is resolved to rout out terrorism, to make sure that legitimate governments can survive as we head into the 21st century, and to make a strong stand for freedom," he said.

The president then went to PS 130, the DeSoto School, to meet with first graders. Many of the children at the school, which is one-half mile from the World Trade Center location, saw the explosion and smoke after the first plane hit the World Trade Center tower and then saw the second plane hit the other tower. They were evacuated and the school was closed for six days after the attack. The president visited with the children to underscore his concern for how the youngsters were coping with the tragedy they witnessed.

After leading the class in the Pledge of Allegiance to the Flag, the president talked with the children, looked at their drawings about the disaster, and signed a classroom poster on "Why I love America."

"I want to say to the teachers who work in this school and all throughout New York how much America appreciates the courage the teachers show," the president said. "We talk about heroes in our society. A hero is somebody you look up to and, of course, the teachers of New York City are very heroic."

On the poster the president wrote, "I love America because I love freedom."