Bush Says if More Action Is Needed to Stimulate Economy, 'We'll Take It'.
President Bush, eager to reassure a rattled country, said Tuesday that his administration is ready to intervene again to stabilize the economy. "If there needs to be further action, we'll take it, in a way that does not damage the long-term financial health of our economy," Bush said along the docks of this port city.
It was the second signal in two days from Bush about the possibility of more government action to help hurting consumers and a shaken financial market. Much of his agenda these days is meant to show he is engaged in fixing the economy but still confident in it.
Bush was not specific about other steps he might take. For now, he has championed the upcoming tax rebates for millions of people and tax breaks for businesses. And he has embraced action by the Federal Reserve, which keeps slashing interest rates and has helped finance the buyout of a collapsing financial giant.
The president has rejected other ideas from the Democratic Congress. Those include extending unemployment and food stamp benefits, and sparing homeowners from foreclosure by allowing bankruptcy judges to adjust loan rates.
Juxtaposed against the economic concern, Bush had a good day for the Republican Party. In wealthy neighborhoods in Jacksonville and Palm Beach, Bush raised more than $1.4 million for the Republican National Committee. Both fundraisers were closed to the media.
In between, during a speech largely focused on trade, Bush said the American people should have confidence in the economy. He chose his examples carefully -- low unemployment, rising productivity, a strong agricultural sector, fresh advances in technology. "I understand there's short-term difficulty," Bush said. "But I want people to understand that in the long term, we're going to be just fine."
In the meantime, the economy has taken a punch in the gut. A collapse of the subprime housing market led to a credit crisis that has shaken the financial system to its core. Consumer confidence has tanked, gas prices are high, foreclosures are up, home values are down. The same economy that produced jobs for most of Bush's presidency is now shedding them.
Bush linked the economic story to his theme of the day, opening markets through trade. First he walked the docks of a cargo company that oversees shipping to and from Colombia and other nations. After watching a giant forklift snatch and move a cargo trailer, Bush climbed the rig and got behind the wheel.
He resisted the temptation to steer it. Bush then touted a trade deal with Colombia that faces a fight in the Democratic-run Congress. The deal would remove most tariffs on American exports and cement Colombia's preferential trade status with the United States.
Bush cast the deal in terms much broader than a trade pact between two countries. He says it is a way to promote progress in a place fighting against terrorists, drugs and corruption. At stake, he said, is nothing less than the standing of the United States. "This is a vote that is being observed carefully by people across the world," he said.
There was a potential opening for compromise with Democratic leaders. Bush said he wants to work with them on providing aid to workers who lose jobs because of overseas competition. Democrats want more of that aid before approving the Colombia trade deal.
Still, Bush criticized some Democrats for opposing the deal on grounds that Colombia's government must still do more to halt violence and promote democracy. "This is unrealistic. And it is unfair," Bush said. Bush spoke as the Fed slashed a key interest rate by three-fourths of a percentage point, the latest in a series of aggressive moves to contain the credit crunch.
Bush has embraced those steps by the Fed, including helping JPMorgan Chase and Co. take over Bear Stearns, a collapsing investment giant. The Fed agreed to guarantee and assume all risk on $30 billion of the bank's riskiest mortgage-based assets. "It was action that was necessary," Bush said Tuesday of the Fed's actions.
President Bush, eager to reassure a rattled country, said Tuesday that his administration is ready to intervene again to stabilize the economy. "If there needs to be further action, we'll take it, in a way that does not damage the long-term financial health of our economy," Bush said along the docks of this port city.
It was the second signal in two days from Bush about the possibility of more government action to help hurting consumers and a shaken financial market. Much of his agenda these days is meant to show he is engaged in fixing the economy but still confident in it.
Bush was not specific about other steps he might take. For now, he has championed the upcoming tax rebates for millions of people and tax breaks for businesses. And he has embraced action by the Federal Reserve, which keeps slashing interest rates and has helped finance the buyout of a collapsing financial giant.
The president has rejected other ideas from the Democratic Congress. Those include extending unemployment and food stamp benefits, and sparing homeowners from foreclosure by allowing bankruptcy judges to adjust loan rates.
Juxtaposed against the economic concern, Bush had a good day for the Republican Party. In wealthy neighborhoods in Jacksonville and Palm Beach, Bush raised more than $1.4 million for the Republican National Committee. Both fundraisers were closed to the media.
In between, during a speech largely focused on trade, Bush said the American people should have confidence in the economy. He chose his examples carefully -- low unemployment, rising productivity, a strong agricultural sector, fresh advances in technology. "I understand there's short-term difficulty," Bush said. "But I want people to understand that in the long term, we're going to be just fine."
In the meantime, the economy has taken a punch in the gut. A collapse of the subprime housing market led to a credit crisis that has shaken the financial system to its core. Consumer confidence has tanked, gas prices are high, foreclosures are up, home values are down. The same economy that produced jobs for most of Bush's presidency is now shedding them.
Bush linked the economic story to his theme of the day, opening markets through trade. First he walked the docks of a cargo company that oversees shipping to and from Colombia and other nations. After watching a giant forklift snatch and move a cargo trailer, Bush climbed the rig and got behind the wheel.
He resisted the temptation to steer it. Bush then touted a trade deal with Colombia that faces a fight in the Democratic-run Congress. The deal would remove most tariffs on American exports and cement Colombia's preferential trade status with the United States.
Bush cast the deal in terms much broader than a trade pact between two countries. He says it is a way to promote progress in a place fighting against terrorists, drugs and corruption. At stake, he said, is nothing less than the standing of the United States. "This is a vote that is being observed carefully by people across the world," he said.
There was a potential opening for compromise with Democratic leaders. Bush said he wants to work with them on providing aid to workers who lose jobs because of overseas competition. Democrats want more of that aid before approving the Colombia trade deal.
Still, Bush criticized some Democrats for opposing the deal on grounds that Colombia's government must still do more to halt violence and promote democracy. "This is unrealistic. And it is unfair," Bush said. Bush spoke as the Fed slashed a key interest rate by three-fourths of a percentage point, the latest in a series of aggressive moves to contain the credit crunch.
Bush has embraced those steps by the Fed, including helping JPMorgan Chase and Co. take over Bear Stearns, a collapsing investment giant. The Fed agreed to guarantee and assume all risk on $30 billion of the bank's riskiest mortgage-based assets. "It was action that was necessary," Bush said Tuesday of the Fed's actions.
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