Paulson focuses on tax relief in address
Share Now on:
Paulson focuses on tax relief in address
TEXT OF STORY
Scott Jagow: Treasury Secretary Henry Paulson had to react to the Fed’s decision live on television this morning. He was giving a speech in Washington about the president’s plans for stimulating the economy when he was told about the rate cut.
Henry Paulson: Let me say to you I think it’s very constructive, and what I think it shows to this country and the rest of the world is that our central bank is nimble and is able to move quickly to respond to market conditions.
Now for more on what Paulson had to say about the stimulus plan, here’s Marketplace’s Dan Grech.
Dan Grech: Paulson gave his speech at 8 a.m., before U.S. stock markets opened. He didn’t directly address widespread fears that U.S. markets will follow big drops in Asia and Europe. He did open with a perhaps veiled reference to the rough days ahead:
Paulson: It’s good to be here for an early start to what will be a busy and I hope a productive week.
Paulson focused his comments on the temporary, broad-based tax relief in President Bush’s proposed stimulus package.
Paulson: We know from experience that both immediate tax relief and incentives for businesses to invest are effective in creating growth and jobs in the short term.
He said the main stumbling block will be the Democratically controlled Congress.
Paulson: I look forward to engaging intensely with the Congress to get money into our economy quickly.
Stock markets around the world are down on doubts that President Bush’s plan will do enough to revive the U.S. economy.
I’m Dan Grech for Marketplace.
Stories You Might Like
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
