    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book I)]
    [May 3, 2008]
    [Pages 634-636]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    May 3, 2008

        Good morning. This week, the Commerce Department reported that GDP
    grew at an annual rate of six-tenths of a percent in the first quarter.
    This rate of growth is not nearly as high as we would like. And after a
    record 52 months of uninterrupted job growth, April was the fourth month
    in a row in which our economy lost

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    jobs, although the unemployment rate dropped to 5 percent.
        My administration has been clear and candid on the state of the
    economy. We saw the economic slowdown coming. We were upfront about
    these concerns with the American people, and we've been taking decisive
    action.
        In February, I signed an economic growth package to put more than
    $150 billion back into the hands of millions of American families,
    workers, and businesses. This week, the main piece of that package began
    being implemented, as nearly 7.7 million Americans received their tax
    rebates electronically. Next week, the Treasury Department will begin
    mailing checks to millions more across the country. And by this summer,
    it expects to have sent rebates to more than 130 million American
    households. These rebates will deliver up to $600 per person, $1,200 per
    couple, and $300 per child.
        This package will help American families increase their purchasing
    power and help offset the high prices that we're seeing at the gas pump
    and the grocery store. It will also provide tax incentives for American
    businesses to invest in their companies, which will help create jobs.
    Most economic experts predict that the stimulus will have a positive
    effect on the economy in this quarter and even a greater impact in the
    next. And Americans should have confidence in the long-term outlook for
    our economy.
        While getting more money back in the hands of Americans is a good
    start, there are several additional steps that Congress needs to take to
    ease the burdens of an uncertain economy. Americans are concerned about
    energy prices. To increase our domestic energy supply, Congress needs to
    allow environmentally safe energy exploration in northern Alaska, expand
    America's refining capacity, and clear away obstacles to the use of
    clean, safe nuclear power.
        Americans are concerned about rising food prices. Yet, despite this
    growing pressure on Americans' pocketbooks, Congress is considering a
    massive farm bill. Instead, they should pass a fiscally responsible
    bill.
        Americans are concerned about making their mortgage payments and
    keeping their homes. Yet Congress has failed to pass legislation I have
    repeatedly requested to modernize the Federal Housing Administration
    that will help more families stay in their homes, reform Fannie Mae and
    Freddie Mac to ensure they focus on their housing mission, and allow
    State housing agencies to issue tax-free bonds to refinance subprime
    loans.
        Americans are concerned about their tax bills. With all the other
    pressures on their finances, American families should not have to worry
    about the Federal Government taking a bigger bite out of their
    paychecks. So Congress should eliminate this uncertainty and make the
    tax relief we passed permanent.
        America is now facing a tough economic period, but our long-term
    outlook remains strong. This week, we saw evidence that our economy is
    continuing to grow in the face of challenges. This should come as no
    surprise. No temporary setbacks can hold back the most powerful force in
    our economy: the ingenuity of the American people. Because of your hard
    work and dedication, I am confident that we will weather this rough
    period and emerge stronger than ever.
        Thank you for listening.

    Note: The address was recorded at 8:55 a.m. on May 2 in the Cabinet Room
    at the White House for broadcast at 10:06 a.m. on May 3. The transcript
    was made available by the Office of the Press Secretary on May 2, but
    was embargoed for release until the broadcast. The Office of the Press
    Secretary also released a Spanish language transcript of this address.

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