Bush Calls for More Tax Cuts

Voice of America
October 5, 2001

President Bush is asking Congress to pass about $60 billion in additional tax cuts for businesses and individuals to help the U.S. economy recover from last month's terrorist attacks.

In a brief statement at the White House Friday, Mr. Bush said the American people expect the administration and Congress to act. The president said he wants to make sure low and middle income Americans also get the benefit of the proposed cuts. He called on Congress to come together quickly and cut taxes as the best way to make sure the United States recovers from the attacks.

Meanwhile, U.S. share prices ended the week with modest gains. The Dow Jones Industrial Average rose 59 points. The Standard and Poor's 500 and Nasdaq both saw single-digit gains.

Also in Washington, finance ministers and central bankers from the Group of Seven leading industrial nations open a two day meeting Saturday for their first talks since the terrorist attacks. The officials hope to restore confidence and calm jittery global markets.

At a news conference ahead of the meeting, U.S. Treasury Secretary Paul O'Neill said the recent attacks were a shock to the U.S. economy and have delayed any recovery by a a few months. But he added he remains confident the U.S. economy will improve in the long term, and he urged other industrialized nations to take steps to raise their own growth rates.

Earlier in the day, The U.S. Labor Department reported the U.S. unemployment rate stayed at four-point-nine percent in September - even though businesses cut 199,000 jobs from the economy

It was the biggest loss of jobs for a one-month period since February of 1991, when the United States was in recession which is defined as two consecutive quarters during which the economy shrinks. Analysts say the latest report doesn't fully reflect job losses after the September 11 terrorist attacks, and add that job cuts and the unemployment rate may go higher in the months ahead.

More TruthNews