Bush to Unveil Economic-Stimulus Package Next Week

[Timber Loftis]

FROM TODAY'S NYTIMES
www.nytimes.com

Bush to Unveil Economic-Stimulus Package Next Week
By THE ASSOCIATED PRESS

Filed at 1:30 p.m. ET

CRAWFORD, Texas (AP) -- President Bush said Thursday he will unveil an economic-stimulus package next week, promising a plan that will benefit all Americans and rejecting criticism that his policies are tailored to help the wealthy.

``I'm concerned about all people,'' Bush told reporters after a lengthy tour of his Texas ranch. ``I understand the politics of economic stimulus -- some people want to turn it into class warfare.''

On North Korea, Bush sharply rebuked Kim Jong Il, that nation's leader, saying he has ``no heart for somebody who starves his folks.'' But Bush said he remains confident in a peaceful solution to the nuclear standoff.

Bush also warned Iraqi leader Saddam Hussein that ``his day of reckoning is coming.'' He said repeatedly he is ``hopeful we won't have to go to war,'' but was skeptical about Saddam's willingness to voluntarily rid his country of nuclear, chemical and biological weapons.

One reason Bush gave for his doubts were reports of interviews of Iraqi scientists by U.N. weapons inspectors with ``minders in the room.''

``Saddam Hussein hopefully realizes we're serious and hopefully he disarms peacefully,'' Bush said.

Moving on to yet another situation heightening security fears, Bush said it was not clear whether a smuggling ring was behind the FBI's search for five foreign-born men. The agency is seeking the public's help in tracking down the men, who it believes may have entered the United States illegally from Canada.

``People feeling like they got to travel here with false passports sends a pretty alarming signal to those of us that are involved with the security of the American people,'' Bush said.

Bush also professed a lack of interest in the growing field of Democrats jockeying for the presidential nomination and the right to challenge him in 2004. He cast himself as too busy to pay any mind to ``a lot of verbiage and a lot of noise and a lot of posturing and a lot of elbowing'' on the Democratic side.

``To me, that's just going to be background noise,'' he said. ``One of these days, somebody will emerge and we'll tee it up and see who the American people want to lead. Until that happens I'm going to be doing my job.''

Aides have said in recent days that the president has not yet approved any new economic stimulus plan, and Bush gave few clues about what the package will contain. He made plain, though, that its primary focus will be to create jobs.

``What I'm worried about is job creation, and I'm worried about those who are unemployed,'' he said.

Aides say the package probably will include acceleration of some tax cuts and breaks he won from Congress in 2001 as well as new benefits for shareholders' dividends. There also may be new tax breaks for investors and additional depreciation breaks for businesses.

To avoid a political backlash, advisers say they are likely to recommend that Bush no longer consider speeding up tax cuts for the wealthiest Americans.

He is expected to propose acceleration of the 2001 tax cuts for middle- and upper-income earners, but he might not include cuts in connection with the top rate, which is 38.6 percent for income over $311,950, they said.

``Next week when I talk about an economic stimulus package I will talk about how to create jobs, how best to create jobs as well as how to take care of those who don't have a job,'' Bush said. ``I'm concerned about all people.''

Bush said investors should take heart in the new year, given that the economy is still growing -- albeit slowly -- despite a recession, terrorist attack and rash of corporate scandals.

``And yet the economy still grows,'' he said. ``That's very positive. I recognize there are some uncertainties

Bush tipped his hand on the timing of the new plan's rollout on a day of mixed news regarding the economy.

The Labor Department reported that the number of newly laid-off Americans filing claims for unemployment benefits rose by 13,000 last week after declining for two consecutive weeks. But U.S. manufacturing activity expanded strongly in December, the first growth in four months.

Discussing the economy and North Korea with reporters outside his ranch, Bush said, ``I think the situation will be resolved peacefully.'' But reminded of earlier harsh criticisms of Kim, Bush said he worries about a leader in the region who allows his people to starve.

In early December, North Korea alarmed the world by deciding to reactivate its plutonium-based nuclear program. It since has removed monitoring seals and cameras from its nuclear facilities at Yongbyon, expelled U.N. inspectors who visually monitored those facilities and signaled that it may withdraw from a global nuclear arms control treaty.

As evidence that the United States is making progress in achieving a diplomatic solution, Bush pointed to the decision to suspend fuel oil deliveries and said it was a conclusion reached jointly by the United States, the European Union and allies in the region.

``We're working with friends and allies in the region to explain clearly to North Korea it's not in their national interest to proliferate weapons of mass destruction,'' he said.

Asked about the reluctance of some of those allies to help put pressure on North Korea, Bush said more was being done than was known. He also said there is wide agreement that a nuclear armed North Korea is unacceptable.

``They may be putting pressure on and you just don't know about it,'' Bush said of other nations' response to the nuclear standoff. ``The parties have come together.''

Well it is a good read. Altho I could detect a slight spin on the material .

I like the fact at the end that they did publish the fact that just because you don't read about it, doesnt mean something isn't being done. Quite a lot id done that the press never prints, or never hears about.

Of course people will bitch when the economic stimulus package doesnt give every poor person several thousand dollars off the top, but to stimulate the economy and produce jobs, you have to give "BUSINESSES" incentive to hire more workers.

On the Radio this morning, they were bitching about tax cuts for the rich again...meaning only the top 50% of the population saw any effect...of course the top 50% are the only ones actually "Paying" any taxes.....

Edit: Yeah yeah I know...bitch bitch bitch, whine whine whine I have said it all before....guess Im just getting repetive in my old age. And while Im at it, I agree with TL about Offshore profit hiding (just wanted to beat ya to it )

[ 01-02-2003, 02:10 PM: Message edited by: MagiK ]

[antryg]

New unemployment figures only total a 13,000 person rise this week? I think the figure is higher than that just from the businesses within a mile of my house. Can you say telecommunication industry? Not anymore.