[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.