*EPF507 12/06/2002
Bush Praises Outgoing Economic Officials
(Treasury secretary, economic adviser resign) (300)

President Bush has expressed his appreciation for the efforts of outgoing members of his economic team in helping him re-launch the U.S. economy on the path to economic recovery.

In a December 6 statement Bush thanked Treasury Secretary Paul O'Neill and Lawrence Lindsey, director of the White House National Economic Council, for their "excellent" service.

O'Neill submitted his resignation without giving a reason in a December 6 letter to the president.

In a statement issued on the same day a Treasury Department spokesman said that O'Neill's resignation will be effective in the next few weeks.

Following are the texts of the White House and Treasury statements:

(begin text of White House statement)

THE WHITE HOUSE
Office of the Press Secretary
December 6, 2002

STATEMENT BY THE PRESIDENT

My economic team has worked with me to craft and implement an economic agenda that helped to lead the Nation out of recession and back into a period of growth. I appreciate Paul O'Neill's and Larry Lindsey's important contributions to making this happen. Both are highly talented and dedicated, and they have served my Administration and our Nation well. I thank them for their excellent service.

(end text of White House statement)

(begin Treasury Dept. text)

Statement by Michele Davis, Treasury Department Spokesman

As he told the senior staff this morning, there are lots of other important things to do in life. Back in December of 2000, he was planning to retire and devote himself to improving health care and education in Pittsburgh. I'm sure he will return to those important projects.

He told the senior staff that he appreciated their support, wisdom and energy. He encouraged them to remain focused and true to their sworn responsibilities.

This resignation will be effective some time in the next few weeks. We don't have a fixed date at this time.

(end Treasury Dept. text)

(Distributed by the Office of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)

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