[Weekly Compilation of Presidential Documents Volume 37, Number 11 (Monday, March 19, 2001)]
[Page 435]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
The President's Radio Address

March 10, 2001

    Good morning. On Thursday the House of Representatives voted in 
favor of my tax relief plan, a large step toward the first broad tax 
reductions in a generation. The House approved the toughest part of my 
package to get passed, reduced tax rates, with the support of several 
Democrats.
    We have made a good start, with the help of a lot of Americans who 
contacted their Members of Congress. Thank you all so very much. Support 
for tax relief is building. Now I urge the Senate to move quickly, also.
    Our economy is sputtering. Economic growth has been stalled. 
Consumer confidence is falling. We can't just stand by and hope for the 
best. We must act and act now to get ahead of this problem and blunt or 
reverse this slowdown. And the best way to respond is to get more money 
into the hands of Americans, who will buy products and build businesses 
and create jobs. We must put more fuel into the engine of this economy, 
and that's what my tax relief package will do.
    My overall budget plan funds important priorities like education. It 
pays down our national debt at a record rate. It sets aside nearly a 
trillion dollars in a contingency fund for future needs and emergencies. 
And we still have surplus money left over for broad, fair, responsible 
tax relief.
    High tax rates punish hard work and enterprise, values America has 
always tried to reward. And high tax rates are particularly damaging 
during an economic slowdown. They act like an anchor on the economy, a 
drag on economic growth. High tax rates can make a downturn deeper; they 
can make a slowdown longer. A time of economic stagnation is exactly the 
moment when tax relief is most urgent.
    Not long ago, the Chairman of the Federal Reserve testified before 
Congress that tax relief in the past has often come too late to boost 
the economy. This is why I support making tax relief retroactive, 
meaning the new lower rates will take effect as of 3 months ago, on 
January 1st of this year. And that is why I'm asking Congress to act as 
soon as possible.
    There's another reason to act quickly, because many families need 
some help right away. A lot of Americans are struggling with debt and 
some have borrowed against their homes to repay it. These families could 
certainly use extra money--money that my tax relief plan will offer. 
Other families will buy some things they need or save for college or 
retirement.
    Tax relief is good for our economy precisely because it is good for 
American families. When millions of families have some extra money to 
save and spend, it helps kick-start our economic growth. When families 
are more confident about the economic future, that future gets brighter 
for us all.
    I feel the momentum for tax relief everywhere I travel in this 
country. Americans know our economy needs some immediate help. Americans 
know they are overtaxed and overcharged by their Government, and 
Americans are ready for a refund. For all these reasons I urge the 
Congress to deliver tax relief now. And I hope you will urge them to do 
the same.
    Thank you for listening.

Note: The address was recorded at 1:05 p.m. on March 8 in the Cabinet 
Room at the White House for broadcast at 10:06 a.m. on March 10. The 
transcript was made available by the Office of the Press Secretary on 
March 8 but was embargoed for release until the broadcast.