[Weekly Compilation of Presidential Documents Volume 39, Number 20 (Monday, May 19, 2003)]
[Pages 580-581]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
The President's Radio Address

May 10, 2003

    Good morning. This week with a vote in the House of Representatives, 
Congress took a positive step towards passage of my jobs-and-growth 
proposal. The plan I submitted would create more than a million jobs by 
the end of next year through immediate tax relief for American families 
and businesses.
    Since I sent my plan to Congress in January, the need for action on 
the economy has become even more urgent. The unemployment rate last 
month reached 6 percent, as many employers continue to hold back on the 
kinds of investments that lead to new jobs. The bill that passed the 
House of Representatives this week includes all the elements of my plan: 
cuts in income tax rates this year; reduction of the marriage penalty; 
an increase in the child credit from $600 to $1,000; an increase in the 
expensing provision for small-business investment in new equipment; and 
action to reduce the double taxation of dividend income.
    These reforms would bring immediate help throughout our economy. 
They would leave more money in the hands of families who need it to make 
purchases and to pay the bills. And this tax relief would give employers 
greater incentives and resources to invest in new equipment. The result 
will be more jobs, and that is our goal.
    We are also making progress on passing tax relief in the Senate. The 
Senate Finance Committee has approved legislation that includes 
important aspects of my proposal. I urge the Senate to complete its work 
next week so the House and Senate can work out their different versions 
and get a tax relief bill to my desk as soon as possible. This week's 
progress demonstrates that both houses of Congress and both political 
parties agree that tax relief will help this economy. Now the discussion 
is about how much tax relief the American people need and deserve. We 
need at least $550 billion in tax relief over the next decade, big 
enough to make a real difference in the paychecks of American workers, 
big enough to help entrepreneurs create more jobs, and big enough to 
give our economy the boost it needs.
    This past week, I met a small-business owner named Luke Brindley. 
Luke and his family started their Virginia business less than 2 years 
ago with 5 employees, and now they're up to 25. Here's what Luke says: 
``Any break we get encourages us to hire more people and buy more 
equipment.''
    Next week, I will travel to New Mexico, Nebraska, and Indiana to 
address the Nation's hardworking small-business owners, families, and 
investors. My message to them will be simple: The surest way to grow 
this economy and create jobs is to leave more money in the hands of the 
people who earn it.
    I urge every citizen to participate in this important debate and to 
make your voice heard. Explain to your local representative or your 
Senators what tax relief would mean to your family and your business, 
and please tell the members of Congress why our economy needs that 
relief now.

[[Page 581]]

    Thank you for listening.

Note: The address was recorded at 11:02 a.m. on May 9 in the Cabinet 
Room at the White House for broadcast at 10:06 a.m. on May 10. The 
transcript was made available by the Office of the Press Secretary on 
May 9 but was embargoed for release until the broadcast. The Office of 
the Press Secretary also released a Spanish language transcript of this 
address.