    [Public Papers of the Presidents of the United States: George W. Bush (2001, Book II)]
    [October 5, 2001]
    [Pages 1196-1197]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks Following a Meeting With the Economic Policy Team
    October 5, 2001

        Good afternoon. I just concluded a meeting with my economic policy
    team. Secretary O'Neill has been up on the
    Hill talking to Members of Congress and brought back some encouraging
    news. And that is, the United States Congress is interested in working
    as quickly as possible to pass an economic stimulus package.
        I want to remind the American people that the Congress has been
    working with us to provide relief. We passed monies for disaster relief,
    monies to help the people in New York. We passed appropriations to help
    beef up our security. We passed appropriations to help airlines.
    Yesterday I proposed additional expenditures to help workers who have
    been laid off as a result of the September 11th tragedy. That spending
    totals about $60 billion.
        And in order to stimulate the economy, Congress doesn't need to
    spend any more money. What they need to do is to cut taxes. So I propose
    this: I propose that the United States Congress, as quickly as possible,
    pass tax relief equal to or a little bit greater than the monies that we
    have already appropriated.
        Tax relief should come in this kind of form: One, that we ought to
    stimulate demand by cutting--accelerating the marginal tax cuts that
    we've passed and I've signed; as well as, there ought to be a provision
    in the tax relief package to make sure that low- and moderate-income
    workers get tax relief as well.
        And on the business side, we need to stimulate investment by
    allowing for enhanced expensing of capital expenditures,

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    and we believe they ought to eliminate alternative minimum tax on
    corporate America.
        This is a package which will dovetail nicely with the marginal cuts
    and the increased child credit that will kick in next year as well. The
    American people expect us to act, and here is a way for us to act. We've
    spent money, and that will have a stimulative effect of some kind.
        But to make sure that the economy gets the boost it needs, Congress
    ought to come together quickly and accept the ideas that I've just laid
    out. We believe that will be the best way to make sure that America
    recovers from the terrorist attack of September the 11th.
        The terrorists attacked us, but they did not diminish our spirit,
    nor did they undermine the fundamentals of our economy. And we believe
    if we act expeditiously, that those fundamentals will kick back in, and
    people will be able to find work again.
        I hope you all have a fine weekend. Thank you all very much.

    Note: The President spoke at 2:36 p.m. in the Rose Garden at the White
    House.