    [Public Papers of the Presidents of the United States: George W. Bush (2003, Book II)]
    [July 19, 2003]
    [Pages 898-899]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    July 19, 2003

        Good morning. Next week, the United States Treasury will begin
    printing and mailing more than 25 million child tax credit checks,
    putting over $12 billion back into the hands of American families. These
    rebates are the result of the Jobs and Growth Act I recently signed into
    law, which increases the child tax credit from $600 to $1,000 per child.
    And because this new law reduced income tax rates, businesses earlier
    this month lowered tax withholding for worker paychecks. Now, those
    workers and their families have a lighter tax bill and more take-home
    pay.
        With the child tax credit rebates and the lower tax rates taking
    effect, America's families will have more of their own money to make
    purchases, pay their bills, save for their children's education, and
    invest in a new home or business. There are hopeful

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    signs that our actions are contributing to economic growth. Individual
    investors are showing greater confidence, leading to a significant rise
    in the stock market. And thanks to our efforts to reduce taxes on stock
    dividends, dozens of major companies have announced plans to either
    increase their existing dividend payout or pay dividends for the first
    time, putting billions of dollars in cash into shareholders' pockets.
        Earlier this week, I met with leading private economists who see a
    faster rate of economic growth in the coming year-and-a-half. The U.S.
    housing market is robust, strengthened by low mortgage rates and rising
    after-tax incomes. Inflation is low. Retail sales have been rising, and
    productivity growth, the most important indicator of economic strength,
    remains high.
        My administration remains focused on faster economic growth that
    will translate into more jobs. Now that Americans can keep more of what
    they earn, we can expect to see rising demand for goods and services.
    And as demand increases, companies will need more workers to meet it.
        We will continue to take action on a broad agenda for more growth
    and jobs. We are pressing the Senate to join the House of
    Representatives in passing an energy bill to assure stable and
    affordable energy supplies. And we're pressing the Senate on litigation
    reform, so small businesses and manufacturers can focus on creating jobs
    instead of fighting frivolous lawsuits. I'm asking both Houses of
    Congress to create reemployment accounts for those seeking jobs, so they
    can pay for job training and child care and other costs of finding work.
        Faster economic growth will bring the added benefit of higher
    revenues for our Government, and those new revenues, combined with
    spending discipline in Washington, DC, are the surest way to bring down
    the deficit. My budget for fiscal year 2004 calls for a modest increase
    in discretionary spending of only 4 percent, or about the same increase
    as the average American household budget. I urge Congress to make
    spending discipline a priority, so that we can cut the deficit in half
    over the next 5 years.
        Government does not create prosperity. Government can, however,
    create the conditions that make prosperity possible. The Jobs and Growth
    Act of 2003 was based on the fundamental faith in the energy and
    creativity of the American people. With hard work and daily
    determination, entrepreneurs and workers are moving this economy
    forward. The American economy is headed in the right direction, and we
    can be confident of better days ahead.
        Thank you.

    Note: The address was recorded at 10:50 a.m. on July 17 in the Cabinet
    Room at the White House for broadcast at 10:06 a.m. on July 19. The
    transcript was made available by the Office of the Press Secretary on
    July 18 but was embargoed for release until the broadcast. The Office of
    the Press Secretary also released a Spanish language transcript of this
    address.