[Weekly Compilation of Presidential Documents Volume 41, Number 51 (Monday, December 26, 2005)]
[Pages 1902-1904]
[Online from the Government Publishing Office, www.gpo.gov]
<R04>
Remarks on Signing the Gulf Opportunity Zone Act of 2005
December 21, 2005
Thanks for coming. In a few moments, I will sign the Gulf
Opportunity Zone Act of 2005. This important bill will help the citizens
of the gulf coast continue to put their lives back together and rebuild
their communities in the wake of the devastating hurricanes that hit the
region earlier this year.
I want to thank the Members of Congress who have joined us here, and
those who
[[Page 1903]]
haven't joined us here, for passing this important piece of legislation.
I want to thank Trent Lott from Mississippi for being here. Trent Lott
invited me one time to his home, right there on the gulf coast of
Mississippi. It no longer exists. He knows firsthand what it means to
live through one of these devastating storms, and I appreciate you,
Senator, for being here.
I want to thank Congressmen Jim McCrery of Louisiana and Bill
Jefferson of Louisiana. Both these Members have worked very hard for the
people of the great State of Louisiana with Congress to put a package
together to help the people of Louisiana and Mississippi get back up on
their feet.
I want to thank Max Baucus. He's not from the gulf coast area of
America. He's from Montana, but he cares. He is ranking member of the
Finance Committee, and it's kind for you to be here.
I want to thank members of my Cabinet who have joined us here today,
Elaine Chao and Alphonso Jackson, Mike Chertoff.
And finally, I want to thank my friend Don Powell, who is the
Federal coordinator for the gulf coast rebuilding effort. His job is to
represent the administration there as he interfaces with State and local
officials. I want to thank you, Don, for taking on this assignment.
When I spoke to the Nation from Jackson Square in New Orleans, I
said our job and our goal for the gulf coast was not just to survive but
to thrive, and not just to cope but to overcome. And I meant it. And
we're now implementing a comprehensive plan to help the people of the
region recover and rebuild. We've helped a lot of people get temporary
housing. We're now in the process of helping them to transition to
permanent homes. Helping people find housing is going to be one of the
really important challenges that we all face together in order to help
these areas rebuild.
We're working to assist the school districts that have taken in
students from the affected areas. There's a lot of school districts
around our country that said, ``We want to help. Let us educate the
children of those who evacuated,'' and now we're helping to rebuild
them.
We're also helping rebuild the schools in the affected regions. Last
week, we announced our plan to strengthen the levee system in New
Orleans. And in the last 24 hours, I extended full Federal coverage of
the cost of debris removal for Louisiana and Mississippi. We want to get
the debris out of the way. I can't imagine anything more discouraging
then to continue to see the piles--and I mean, literally, piles--of
debris. And the sooner we can get that debris removed and disposed of,
the more hopeful people will become.
Today I'm going to sign the Gulf Opportunity Zone Act of 2005. It's
a step forward to fulfill this country's commitment to help rebuild.
It's going to help small businesses, is what it's going to do. For small
businesses in the affected area, the GO Zone will double expensing for
investments in new equipment from $100,000 to $200,000.
The bill also provides a 50-percent bonus depreciation, and that
means tax relief for small businesses that--and businesses that purchase
new equipment and build new structures. In other words, this tax act
provides incentives for people to move forward. And as these businesses
move forward, they're going to need to employ people. So this is a tax
bill that has got employment consequences to it. This is going to help
the entrepreneurs of Louisiana and Mississippi and Alabama.
Entrepreneurship creates opportunity, which creates jobs.
This is just part of our plan to help the people get back to work.
We've got to help workers get the skills they need. I just met with a
group of concerned citizens from business and labor and education, all
aspects of society. Again, I want to thank you all for being there.
We're talking about how to help put together a strategy that takes
advantage of the jobs that are going to be created down there to make
sure there's a skill set match. We've got a lot of people that want to
work, and yet they may not all be electricians or plumbers. And so one
of the real challenges and opportunities we have is to match willing
worker with jobs which will actually exist. And that's what we're
talking about and strategizing about.
And again, I want to thank you all very much. This is the private
sector and public
[[Page 1904]]
sector working in close coordination. Don Powell is going to help put
together a strategy that will be, one, it's easy to understand; and two,
that will have moments that we'll be able to measure whether or not
we're making progress.
The GO Zone Act does a couple of other things. It increases funding
for Hope Scholarships and lifetime learning credits for students
attending colleges and graduate students in the--and graduate schools in
the Gulf Opportunity Zone. It's going to make continuing education for
workers more accessible and help support high school training that these
gulf coast residents are going to need to fill the jobs which are
actually going to be existing.
By the way, in a year from now, we're going to be talking about,
``What are we going to do about all these jobs, and who's going to fill
them?'' As a matter of fact, there's a job shortage already down there.
And again, I repeat to you, this provides a great opportunity to make
sure that the folks in Mississippi and Louisiana who--can find work. And
those are the folks we want to be first in line, by the way. If you're
from New Orleans, Louisiana, we want you to be the first person to get
the job. And what I'm telling you is we're going to work to make sure
housing is available for you and that there's a training center or
training program that will help you meet your--match your desire to work
with the jobs which actually exist.
If you're from Mississippi, we want those new jobs to go to
Mississippi residents, and we want to help the Mississippi community
college, for example, to become a vital training center for the jobs
which are going to be needed to help this important part of our country
get back up on its feet.
The Senate passed a deficit reduction bill that's going to provide
$2 billion to help States pay for critical medical care for those
evacuees who need it. That's important. The defense appropriations bill
that the Senate is now considering--and I hope passes--would help repair
damaged transportation infrastructure and provide important Federal
funding for New Orleans to rebuild the levees and correct any design and
construction flaws of those levees. These bills are important for the
future of the gulf coast.
DOD bill is really important, as the good Senator will tell you.
This time of year, Americans, we give our thanks for the many blessings
we have. We renew our commitment to help those who are in need. We are
going to continue to work together to build a better future for the
people of the gulf coast. And the bill I'm about to sign is going to
make a difference. It's an important piece of legislation. It's part of
our strategy to accomplish an important national goal, and that is a
revitalized gulf coast and a New Orleans that is a shining example of
what America can do when it puts its mind to something.
So again, thank you all for coming. Now, my honor to sign the bill.
Note: The President spoke at 3:07 p.m. in Room 350 of the Dwight D.
Eisenhower Executive Office Building. H.R. 4440, approved December 21,
was assigned Public Law No. 109-135.