*EPF203 12/14/2004
White House Report, December 14: U.S. Economy
(McClellan says large trade deficit partly reflects U.S. economic growth) (390)

ECONOMIC GROWTH, OIL IMPORTS SEEN ADDING TO TRADE DEFICIT

White House Press Secretary Scott McClellan said December 14 that the current U.S. trade deficit is partly due to U.S. economic growth.

According to press reports, the U.S. trade deficit reached an all-time high of $55.5 billion in October, an increase of 8.9 percent from the deficit figures in September.

"We have an economy that is growing faster than most around the world and that can increase the trade deficit," he said. "Exports are rising, [but] imports have been growing faster."

McClellan said the Bush administration would "continue to expand trade around the world and open markets to American products and producers and to make sure that they have a level playing field upon which to compete."

He said the October increase in U.S. oil imports was also "a big factor" contributing to the deficit.

WHITE HOUSE TO HOST TWO-DAY CONFERENCE ON U.S. ECONOMY

The White House is hosting a two-day economic conference beginning December 15, entitled "Securing Our Economic Future," to discuss ways to keep the U.S. economy growing, create jobs and "make sure America continues to be the best place in the world to do business," according to Press Secretary McClellan.

McClellan said the conference panelists "represent a broad cross-section of people from various sectors of the economy," including small business owners, business leaders, policy experts, and academic leaders.

President Bush will attend two of the scheduled panels, which will discuss ways to reduce lawsuit abuse through medical liability reform and other measures, and challenges to the short-term and long-term fiscal health of the U.S. economy. McClellan said the president would also make remarks at the end of the conference December 16.

Four other panels are also scheduled, which will discuss the current state of the U.S. economy, tax and regulatory burdens, making healthcare more affordable, and how to help American workers obtain the education and skills to keep the United States competitive in the global economy.

The panelists "will be able to provide some useful and thoughtful insight into how we move forward on implementing those policies," McClellan said.

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

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