[Weekly Compilation of Presidential Documents Volume 44, Number 3 (Monday, January 28, 2008)]
[Pages 104-105]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks on a Bipartisan Economic Growth Agreement

January 24, 2008

    This morning my administration reached an agreement with Speaker 
Pelosi and Minority Leader Boehner on an economic growth package. And 
Mr. Secretary, thank you for handling negotiations, and appreciate your 
hard work.
    This agreement was the result of intensive discussions and many 
phone calls, late-night meetings, and the kind of cooperation that some 
predicted was not possible here in Washington. It also required 
patience, determination, and good will. I thank the Speaker and I thank 
Leader Boehner for their hard work and for their leadership and for 
showing the American people that we can come together to help our Nation 
deal with difficult economic challenges.
    I am pleased that this agreement meets the criterion that I set 
forth last week to provide an effective, robust, and temporary set of 
incentives that will boost our economy and encourage job creation. This 
package has the right set of policies and is the right size. The 
incentives in this package will lead to higher consumer spending and 
increased business investment this year. Importantly, this package 
recognizes that lowering taxes is a powerful and efficient way to help 
consumers and

[[Page 105]]

businesses. I have always believed that allowing people to keep more of 
their own money and to use it as they see fit is the best way to help 
our economy grow.
    I'm also pleased that this agreement does not include any tax 
increases as well as unnecessary spending projects that would have 
little immediate impact on our economy.
    I know Americans are concerned about our economic future. Our 
economy is structurally sound, but it is dealing with short-term 
disruptions in the housing market and the impact of higher energy 
prices. These challenges are slowing growth. Yet Americans can also be 
confident about our long-term outlook. Our economy is strong; it is 
dynamic; and it is resilient. It has led the world for many decades, and 
with the right policies in place, including the extension of the tax 
cuts passed in 2001 and 2003 that have helped our economy, I firmly 
believe we're going to continue to lead the world.
    Because the country needs this boost to the economy now, I urge the 
House and the Senate to enact this economic growth agreement into law as 
soon as possible. We have an opportunity to come together and take the 
swift, decisive action our economy urgently needs.
    Secretary Paulson is here to answer any of your questions. At my 
request, he has taken the lead in negotiations, like I mentioned, and 
you did a superb job, Mr. Secretary. Thank you very much.

Note: The President spoke at 2:31 p.m. in the James S. Brady Press 
Briefing Room at the White House.