    [Weekly Compilation of Presidential Documents Volume 44, Number 6 (Monday, February 18, 2008)]
    [Pages 185-187]
    [Online from the Government Publishing Office, www.gpo.gov]

    <R04>
    Remarks on Signing the Economic Stimulus Act of 2008

    February 13, 2008

        Thank you all. Sit down. Thank you all very much. Thanks for coming.
    Thanks for the warm welcome. I'm pleased to be joined by leaders of both
    parties to enact an economic growth package on behalf of the American
    people.
        You know, a lot of folks in America probably were saying that it's
    impossible for those of us in Washington to find common ground, to reach
    compromise on important issues. I didn't feel that way; I know the
    leaders didn't feel that way. And as a result, we have come

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    together on a single mission, and that is to put the people's interests
    first. And I really do welcome the Members of Congress, and I thank you
    for your hard work.
        Madame Speaker, I thank you for your leadership. Senator Reid, I
    thank you for your leadership as well. I appreciate very much the fact
    that the Vice President has joined us, along with Congressman Boehner,
    Congressman Hoyer, Senator Mitch McConnell, Congressman Roy Blunt,
    Congressman Jim Clyburn, and other Members of the House and the Senate.
    You're welcome here in the people's house any time.
        I'm very grateful that members of my Cabinet have joined us.
    Secretary Paulson was the leader in the negotiations on this, and I
    thank you very much for your hard work, Mr. Secretary. You're earning
    your pay. [Laughter] Appreciate other members of my Cabinet who have
    joined us as well.
        You know, I know a lot of Americans are concerned about our economic
    future. Our overall economy has grown for 6 straight years, but that
    growth has clearly slowed. And so in January, I--we had an important
    phone call with the leaders of the Congress to talk about whether or not
    we could come together to provide a booster shot for our economy, a
    package that is robust, temporary, and puts money back into the hands of
    American workers and businesses.
        Congress passed a really good piece of legislation, and they did so
    in a very expeditious manner. The bill I'm signing today is large enough
    to have an impact, amounting to more than $152 billion this year, or
    about 1 percent of GDP. The bill provides temporary tax incentives for
    businesses to make investments in their companies so that we create new
    jobs this year. The bill provides individual tax relief in the form of
    tax rebates. These rebates will amount to as much as $600 for
    individuals and $1,200 for married couples, with additional rebates for
    families with children.
        The Members resisted the temptation to load up this bill with
    unrelated programs or unnecessary spending, and I appreciate that. I
    thank the Members for acting quickly. I thank them for acting to provide
    immediate tax relief to the American people.
        There are other ways we can work together to help our economy
    through this rough patch. I know many Americans are worried about
    meeting their mortgages. My administration is working to address this
    problem. Last fall, for example, we brought together the HOPE NOW
    Alliance to help struggling homeowners avoid foreclosure. Yesterday
    Secretaries Paulson and Jackson joined HOPE NOW in announcing what is
    called Project Lifeline. It's a targeted outreach effort to help more
    at-risk homeowners.

        Congress can also help by passing legislation to reform the
    regulation of Fannie Mae and Freddie Mac, to modernize the Federal
    Housing Administration, and to allow State housing agencies to issue
    tax-free bonds to help homeowners refinance their mortgages. I hope that
    Congress can act on these matters quickly.

        Helping our economy requires us to take action. It is equally
    important that we not overreact. Our economic success is not the result
    of the wisdom of politicians in Washington, DC, but of the collective
    wisdom of the American people. Shopkeepers, farmers, laborers,
    entrepreneurs in the private sector have given us the most--the
    strongest and most resilient economic system in the world.

        Over the past 7 years, this system has absorbed shocks: recession;
    corporate scandals; terrorist attacks; global war. Yet the genius of our
    system is that it can absorb such shocks and emerge even stronger. In a
    dynamic market economy, there will always be times when we experience
    uncertainties and fluctuations. But so long as we pursue progrowth
    policies that put faith in the American people, our economy will
    prosper, and it will continue to be the marvel of the world.

        Now I'm honored to sign the Economic Stimulus Act of 2008.

    Note: The President spoke at 1:59 p.m. in the East Room at the White
    House. H.R. 5140, approved February 13, was assigned Public Law No. 110-
    185.

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