[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

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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

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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.