[Weekly Compilation of Presidential Documents Volume 43, Number 40 (Monday, October 8, 2007)]
[Pages 1275-1276]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
The President's Radio Address

September 29, 2007

    Good morning. Today I am signing emergency legislation to fund the 
Federal Government for the next 7 weeks. This legislation was necessary 
because Congress failed in its most basic responsibility to pass the 
spending bills that fund the day-to-day operations of the Government. 
There are 12 of these bills this year, and Congress did not complete a 
single one of them, so Congress had to send me a stopgap measure before 
the fiscal year ends this Sunday at midnight.
    Congress's failure to pass these 12 spending bills is disappointing, 
but I do thank the Congress for passing this temporary measure and for 
passing it without any new spending, new policies, or new projects. It 
would have been wrong to deny essential Government services to the 
American people while Congress works through its annual spending bills.

[[Page 1276]]

    I also appreciate the way this bill handles our disagreements over 
the State Children's Health Insurance Program. Congressional leaders 
have put forward an irresponsible plan that would dramatically expand 
this program beyond its original intent. And they know I will veto it. 
But it is good that they kept the program running while they try to work 
out a more responsible approach.
    Congress now has more time to complete its work on its annual 
spending bills. Earlier this year, congressional leaders promised to 
show that they could be responsible with the people's money. 
Unfortunately, they seem to have chosen the path of higher spending. 
They have proposed spending increases that would add an extra $205 
billion on top of my administration's budget request over the next 5 
years. There's only one way to pay for such a large spending increase, 
and that is to raise taxes on the American people. So it is no surprise 
that the same Members of Congress who are planning this big increase in 
Federal spending are also planning the biggest tax increase in American 
history.
    If these Members get their way, the tax relief my administration 
delivered could be taken away from you. Let me explain what this would 
mean for an average taxpayer. If you have children, your taxes would 
rise by $500 for each child. If you're a family of four making $60,000 a 
year, your taxes would be more than $1,800 higher. If you're a single 
mother with two children working to make ends meet, your taxes would go 
up by more than $1,000. If you're a small-business owner working to meet 
a payroll, your taxes would increase by almost $4,000. And if Congress 
allows our tax relief to expire, more than 5 million low-income 
Americans who currently pay no income taxes would once again have to pay 
taxes.
    These are not the only taxes Congress wants to raise. They're 
proposing higher taxes on dividends and capital gains. They're proposing 
higher taxes on cigars and cigarettes. They're proposing to raise taxes 
on domestic oil and natural gas production. They're proposing new taxes 
on stock and bond transactions. And they refuse to make the Internet tax 
moratorium permanent. If this tax ban expires, it would open the doors 
for State and local officials to impose new taxes on your access to the 
Internet.
    At a time when many American families are dealing with rising 
mortgage rates, college costs, and health care expenses, it is wrong to 
take even more money out of your paychecks. Washington's elected leaders 
can do better. By working together, we can keep taxes low, help keep the 
economy growing, balance the Federal budget, and build on our record of 
fiscal discipline and greater economic opportunity for all Americans.
    Thank you for listening.

Note: The address was recorded at 9:35 a.m. on September 28 in the 
Cabinet Room at the White House for broadcast at 10:06 a.m. on September 
29. The transcript was made available by the Office of the Press 
Secretary on September 28 but was embargoed for release until the 
broadcast. In his address, the President referred to Public Law 110-92, 
approved September 29. The Office of the Press Secretary also released a 
Spanish language transcript of this address.