    [Weekly Compilation of Presidential Documents Volume 37, Number 51 (Monday, December 24, 2001)]
    [Pages 1799-1800]
    [Online from the Government Publishing Office, www.gpo.gov]

    <R04>
    The President's Radio Address

    December 15, 2001

        Good morning. As too many Americans know firsthand, the economy
    began to slow early last year, and terrorism has hit us hard. Many
    workers have lost jobs, and others are seeing their hours cut. The
    American people want action to improve our economy, and so do I.
        More than 2 months, and more than 700,000 lost jobs ago, I proposed
    an economic security package to help workers who have been laid off and
    to take action to create jobs and promote long-term economic growth. The
    House of Representatives quickly responded, passing its own legislation
    to help jumpstart the economy. The Senate has failed to act. And while
    the Senate has failed to do its work, more and more Americans have been
    thrown out of work.
        To break the logjam in the Senate, I reached out this week to
    moderate Democrats and Republicans to build a consensus that gave both
    parties some of what they want and, most important, will give our
    economy the boost it needs. This bipartisan package will give workers
    who have lost a job since the recession began last March an additional
    13 weeks of unemployment benefits. It will also help unemployed workers
    keep their health insurance and will give Governors greater resources
    and more flexibility to assist those in need.
        These new bipartisan measures help working families who are
    struggling to make ends meet, giving up to $600 cash refund to low
    income families who don't earn enough to pay income tax but still pay
    part of their income in payroll taxes. And this plan helps middle class
    families, couples earning approximately $60,000, and individuals earning
    $40,000 by speeding up planned tax relief for them, as well.
        This installment of tax relief was scheduled for 2004. Under this
    new idea, many middle class families will see a rise in their take-home
    pay in just a couple of weeks.
        And finally, this agreement will create jobs. Among other steps, it
    gives employers incentives to invest in new equipment right away. It
    lowers the tax rate for 10 million small businesses and entrepreneurs,
    making it easier for them to expand and grow and hire new workers. It
    focuses on other policies that will also increase investment and produce
    new jobs.
        This economic growth package is urgently needed. Today the Federal
    Government's Council of Economic Advisers released a report that
    estimates the bipartisan agreement reached this week can save 300,000
    American jobs that might otherwise be lost if we fail to act.
        Democrats and Republicans set aside partisan politics to arrive at
    this agreement. They want to get something done for America's workers.
    We believe this agreement has enough votes to be approved by the United
    States Senate, and I'm ready to sign it into law. But first the Senate
    leader must schedule a vote.
        On behalf of the American workers and our American economy, I call
    on the leadership of the Senate to bring this bipartisan economic
    recovery plan to a vote, to bring help to unemployed workers and a
    crucial boost to our economy.
        The holidays are upon us, and time is running out. While some in
    Washington are looking for reasons not to act, many in Congress in both
    parties want to find a way to get the job done. America's workers are
    counting on us.
        Thank you for listening.

    Note: The address was recorded at 2:55 p.m. on December 14 in the
    Cabinet Room at the White House for broadcast at 10:06 a.m. on December
    15. The transcript was made available by the Office of the Press
    Secretary on December 14 but was embargoed for release until the
    broadcast.

    [[Page 1800]]

    The Office of the Press Secretary also released a Spanish language
    transcript of the address.