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Treasury Dept to work with Congress to support economy
23
Jan '08
Secretary Paulson remarks on economy before U.S. Chamber of Commerce: It is good to be here for an early start to what will be a busy, and I hope productive, week. On Friday, President Bush announced his outline of an immediate and meaningful fiscal growth package that will boost consumer spending and support business investment this year.

The President and his economic team have been tracking economic signals closely for some time now, and I and my team have been actively engaged with policymakers here and around the world as we closely monitor the global equity correction. I continue to have confidence in the underlying strength of the global economy.

The U.S. economy is experiencing a significant housing correction. This was inevitable after years of unsustainable home price appreciation, and it is exacting a penalty to our economic growth. That, coupled with high energy prices and capital market turmoil has caused our economy to slow materially in recent weeks.

We are already taking aggressive action to minimize the impact on homeowners and the real economy by preventing avoidable foreclosures. We will continue to work with Congress to do more on housing.

At the same time, we will work with Congress to quickly enact a broader temporary growth package to support our economy this year, as we weather the housing correction. The President has asked me to lead this effort, and so far we are engaged in a collaborative, bipartisan process that should result in a robust, broad-based, temporary growth plan that can be swiftly passed and enacted.

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