Treasury Dept to work with Congress to support economy

23 Jan '08

3 min read

The U.S. economy is resilient. The unemployment rate remains low and job creation continues, albeit at a modest pace. The structure of our economy is sound and our long-term economic fundamentals are healthy.

I have visited countries all over the world, and the more I see the more sure I am that America's workers are the most productive and innovative anywhere. But we need to do something now, because the short-term risks are clearly to the downside, and the potential benefits of quick action to support our economy have become clear.

Specifically, the President called for a robust package that is large enough to have a real impact on our economy and will bolster consumer spending and business investment this year. We know from experience that both immediate tax relief for income tax payers and incentives for businesses to invest and hire are effective in creating growth and jobs in the short-term.

I spent much of last week and this weekend talking with Republican and Democratic congressional leadership and members of Congress from across the nation. These positive discussions have revealed broad agreement on the need to quickly enact a temporary plan that boosts our economy this year.

The President's outline reflects ideas from these consultations and represents a solid foundation for cooperation. Time is of the essence, and the President stands ready to work on a bipartisan basis to enact economic growth legislation as soon as possible.

I am optimistic that we can find common ground and get this done long before winter turns to spring. By working together, we can disprove the old Washington axiom that partisan politics prevents most short-term growth packages from being enacted fast enough to do any good.

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U.S. Department of the Treasury

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