[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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