[Weekly Compilation of Presidential Documents Volume 38, Number 51 (Monday, December 23, 2002)]
[Pages 2167-2168]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
The President's Radio Address

December 14, 2002

    Good morning. This week I introduced new members of my economic 
team. For the Secretary of the Treasury, I have submitted the name of 
John Snow, a respected business leader and economist who shares my 
commitment to faster growth and more new jobs for American workers. I 
have nominated Bill Donaldson to serve as Chairman of the Securities and 
Exchange Commission, to vigorously enforce the laws against corporate 
corruption. And here at the White House, Steve Friedman will be the 
Director of the National Economic Council, giving me daily advice on our 
economy.
    These leaders will assume their duties at an important moment for 
our economy. There are many good signs. Inflation is firmly under 
control, which means food, clothing, and other necessities are more 
affordable. Mortgage interest rates remain at historic lows, helping 
more Americans become homeowners. And growth has returned to the 
American economy.
    Yet we also face specific challenges that could slow the recovery 
and limit future growth. Many Americans have very little money left over 
after taxes. Some struggle under a weight of debt that makes it 
difficult to save for retirement. Investor confidence

[[Page 2168]]

needs to be strengthened in practical ways. And the Nation's rate of 
unemployment is now 6 percent--and significantly higher in some parts of 
America. We will not rest until every person in America who wants to 
work can find a job.
    The new Congress that convenes next month will have a responsibility 
to address these challenges, and I will be making specific proposals to 
increase the momentum of economic recovery through a jobs and growth 
package.
    The last Congress also left behind some unfinished business. The 
House and Senate passed different bills extending unemployment benefits. 
However, no final bill was sent to me extending unemployment benefits 
for about 750,000 Americans whose benefits will expire on December the 
28th. These Americans rely on their unemployment benefits to pay for the 
mortgage or rent, food, and other critical bills. They need our 
assistance in these difficult times, and we cannot let them down.
    I have shared these concerns with leaders of the House and the 
Senate, and they understand the need for early action. When our 
legislators return to the Capitol, I ask them to make the extension of 
unemployment benefits a first order of business. And the benefits they 
approve should be retroactive, so that people who lose their benefits 
this month will be paid in full. I've also directed the Department of 
Labor to work with the States to minimize any delay in helping these 
Americans once Congress has acted and extended these benefits.
    I look forward to working with Members of both parties in the new 
Congress on our economic challenges. We must help our fellow citizens 
who have lost their jobs. And we must create an environment in which 
businesses, especially small businesses, can grow and generate the new 
jobs our country needs.
    Thank you for listening.

Note: The address was recorded at 10:02 a.m. on December 13 in the 
Cabinet Room at the White House for broadcast at 10:06 a.m. on December 
14. The transcript was made available by the Office of the Press 
Secretary on December 13 but was embargoed for release until the 
broadcast. The Office of the Press Secretary also released a Spanish 
language transcript of this address.