[Congressional Record (Bound Edition), Volume 148 (2002), Part 1]
[Senate]
[Pages 565-566]
[From the U.S. Government Publishing Office, www.gpo.gov]




                         PRESIDENTIAL MESSAGES

  The following presidential messages were laid before the Senate, 
together with accompanying papers, reports, and documents, which were 
referred as indicated:

       PM-69. A message from the President of the United States, 
     transmitting, pursuant to law, the Economic Report of the 
     President along with the Annual Report of the Council of 
     Economic Advisers for 2002; to the Joint Economic Committee.

                    Economic Report of the President

To the Congress of the United States:
  Since the summer of 2000, economic growth has been unacceptably slow. 
This past year the inherited trend of deteriorating growth was fed by 
the events, the most momentous of which was the terrorist attacks of 
September 11, 2001. The painful upshot has been the first recession in 
a decade. This is cause for compassion--and for action.
  Our first priority was to help those Americans who were hurt most by 
the recession and the attacks on September 11. In the immediate 
aftermath of the attacks, my Administration sought to stabilize our air 
transportation system to keep Americans flying. Working with the 
Congress, we

[[Page 566]]

provided assistance and aid to the affected areas in New York and 
Virginia. We sought to provide a stronger safety net for displaced 
workers, and we will continue these efforts. Our economic recovery plan 
must be based on creating jobs in the private sector. My Administration 
has urged the Congress to accelerate tax relief for working Americans 
to speed economic growth and create jobs.
  We are engaged in a war against terrorism that places new demands on 
our economy, and we must seek our every opportunity to build an 
economic foundation that will support this challenge. I am confident 
that Americans have proved they will rise to meet this challenge.
  We must have an agenda not only for physical security, but also for 
economic security. Our strategy builds upon the charter of Americans: 
removing economic barriers to their success, combining our workers and 
their skills with new technologies, and creating an environment where 
entrepreneurs and businesses large and small can grow and create jobs. 
Our vision must extend beyond America, engaging other countries in the 
virtuous cycle of free trade, raising the potential for global growth, 
and securing the gains from worldwide markets in goods and capital. We 
must ensure that this effort builds economic bonds that encompass every 
American.
  America faces a unique moment in history: our Nation is at war, our 
homeland was attacked, and our economy is in recession. In meeting 
these great challenges, we must draw strength from the enduring power 
of free markets and a free people. We must also look forward and work 
toward a stronger economy that will buttress the United States against 
an uncertain world and lift the fortunes of others worldwide.
                                                      George W. Bush.  
The White House, February 2002.

                          ____________________