[Weekly Compilation of Presidential Documents Volume 37, Number 40 (Monday, October 8, 2001)]
[Pages 1421-1422]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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.

[[Page 1422]]

    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, 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. A tape was not available for verification of the content of these 
remarks.