Entries in Congress (111)
President George W. Bush speaks about the economy
President Bush laid out his principles for framing an economic stimulus package today from the
He said that his advisors and other outside experts expect slow growth, but “there is a risk of a downturn.” The White House has been careful not to use the word “recession” often when speaking about the economic situation.
The president called on Congress to resolve two versions of legislation regarding the Federal Housing Administration and get that bill to his desk as quickly as possible.
White House Gaggle with Deputy Press Secretary Tony Fratto
This afternoon the president will have a conference call with congressional leaders about the "economic landscape." The meeting will include Speaker of the House Nancy Pelosi (D-CA), House Majority Leader Steny Hoyer (D-MD), House Minority Leader John Boehner (R-OH), Senate Majority Leader Harry Reid (D-NV), Senate Minority Leader Mitch McConnell (R-KY) and Treasury Secretary Henry Paulsen. The participants are expected to talk about economic data and the possibility of an economic stimulus package. Fratto was quick to point out that no matter what short term measures might be decided on, the White House supports making permanent the Bush tax cuts as they believe they will be beneficial in the long term. "The president does believe that in the short term some boost is necessary," Fratto said.
Fratto referred to the economic data the president has been examining for week "mixed."
"Most economists in the private sector are not predicting a recession," he said. He said that the president wants to work together with congressional leaders on what should be done about this "soft patch in the economy." He said the White House sees this as an economic slowdown in the short term, but would not elaborate on what kinds of components the administration support in a solution. Fratto said that the call was an opportunity for the president to listen to the congressional leadership and what their advisors are saying about economic conditions.
"We would like to see Congress act quickly on the housing issue," Fratto said. He pointed out several factors the White House believes to be contributing to the slowdown and mentioned the housing and mortgage problems and rising energy costs. In terms of a possible legislative solution, Fratto said that President Bush is leaving all options on the table.
On the NIE on Iran, Fratto said that the president stands by the "full scope of the NIE findings, including the fact that Iran had a weapons program."
The Economists
In a Pen and Pad session with reporters House Majority leader Steny Hoyer (D-MD) "Clearly our country is challenged today with substantial slowdown in our economy," he said. "We want to address it quickly." Then he made a reference Lawrence Summers' testimony and later incorporated the three T's. Hoyer said that what we do, ought to be short term. He is going to meet with Republican House leadership today to act quickly, and Hoyer believes that they can sign a bill in the next 30 days to create a stimulus. When asked what he would tell the public, "You tell the American people there is a problem and you need to address it." Though he admitted, "The housing issue is not going to be solved by a stimulus package."
Hoyer said that the goal is infusion of dollars in people's hands that need it. The subject of Paygo (Pay As You Go) came up, which prompted Hoyer to say that any economic stimulus should not increase the ever-growing deficit. Hoyer made a reference to the Clinton Administration saying, "People were much better off eight years ago than they are today. The country was much better off eight years ago than it was today." Hoyer also said he thought simply undoing Bush tax cuts will not have an effect.
But in the bipartisanship that usually blossoms in the beginning of the session (only to wither on the branch by midterm) was evident in Hoyer's outlook. "We are very hopeful in discussions with administration," Hoyer said in reference to his meetings with Bush economic advisors. He said that his meeting Rep. Roy Blunt (R-MO) and Rep. John Boehner (R-OH) was an unusual show of bipartisanship. He said that there is general agreement that Congress should act quickly and that there is a "risk" of recession, though it is debated whether or not the U.S. economy is already in or headed toward a recession. For now Hoyer said he will leave everything on the table, "the goal no matter what is to get money to people who need it and will spend it."
Leading Entertainers Fight for Art Funding
A panel of speakers was present including Robert L. Lynch, president and CEO of American for Arts, Mayor Mufi Hannemann of Honolulu, acclaimed actress Kerry Washington, five-time Grammy winner John Legend and Academy Award-winner and activist Robert Redford. All were on hand to offer their stories and how the arts influenced them in where they are today.
Lynch pronounced at the end of his testimony that "a great nation deserves great art" while John Legend offered his musical education as a way to keep him grounded. Coming from a musical family, Legend also said that music was a way to stay away from trouble. Kerry Washington and Robert Redford spoke for an extended period of time with Robert Redford offering an account on his childhood. Redford stated that in his childhood, he was accused of being "dumb" due to his personality, but he ended up finding his calling in the arts which has led to him being one of the most prominent figures in the arts today.
Furthermore, testimony given showed the relationship of arts to the stimulation of a society and economy. Attention was also given to the furthering of arts programs nationally and internationally including reading and general education programs.