[Public Papers of the Presidents of the United States: GEORGE W. BUSH (2001, Book I)]
[January 30, 2001]
[Pages 35-36]
[From the U.S. Government Publishing Office www.gpo.gov]



Remarks at the Swearing-In Ceremony for Paul H. O'Neill as Secretary of the Treasury
January 30, 2001

    The President. Well, I'm pleased to welcome Nancy O'Neill and the O'Neill family here. Thank you all for coming. 
It's an honor for both the Vice President 
and I to say some words about the Secretary of Treasury. With Paul over 
at the Treasury, he is literally a next-door neighbor. And I'm going to 
see a lot of him right here in this office. He'll be a valued adviser 
and a steady hand.
    Secretary O'Neill has served in this office before, at the Office of 
Management and Budget. He understands the workings and responsibilities 
of the executive branch. More than that, he understands the private 
sector, where he and others like him have been driving our country's 
economic boom.

[[Page 36]]

In a distinguished career, Paul has earned a reputation as a straight 
shooter and an innovator, and I'm proud to welcome him as the chief 
financial officer of this Nation.
    Paul and I share a great goal: to make sure that all Americans can 
find high paying, high quality jobs. And we share a vision of how to get 
there. Our prosperity depends on free trade, less regulation, and 
America's strong place in our global economy. More than ever, American 
jobs depend on America's standing in the world. I value Paul's vast 
experience in the world economy. I value his background in employing 
American workers, and I value his steadiness, his conviction, and his 
authority.
    We also share a belief that broad, responsible tax cuts are an 
important step we can take to regain the momentum of our economy. When 
we reduce the income tax burden, we must do so for everybody who pays 
taxes. When we have a Government surplus, we must prioritize and spend 
responsibly and return some of that surplus to the people who worked for 
it. Because our Government has a surplus does not mean that every 
American family has a surplus. In fact, many families are feeling 
squeezed by high energy prices and credit card debt. We need to give 
them their own money back, to help families manage their own account, to 
pay down their own personal debts. Our tax cut will give the biggest 
percentage reductions to people who struggle to get into the middle 
class and American families who struggle to stay there.
    I believe in leaving more dollars with the people who earned them, 
and so does Secretary O'Neill. And I'm proud that those dollars will 
soon bear the signature of Secretary Paul O'Neill.
    Congratulations, Mr. Secretary.

[At this point, Secretary O'Neill made brief remarks.]

    The President. Mr. Secretary, thank you.
    Why don't we have a family picture, too, if you'd like one. Come on 
up.

Note: The President spoke at 12:06 p.m. in the Oval Office at the White 
House. In his remarks, he referred to Nancy O'Neill, wife of Secretary 
O'Neill. The transcript released by the Office of the Press Secretary 
also included the remarks of Secretary O'Neill.