Military

DATE=11/26/01

TYPE=CORRESPONDENT REPORT

TITLE= BUSH / RECESSION (L only)

NUMBER=2-283545

BYLINE= PAULA WOLFSON

DATELINE= WHITE HOUSE

CONTENT=

VOICED AT:

INTRO: President Bush is urging the U-S Congress to pass legislation aimed at giving the American economy a boost. The President's appeal came as a prestigious group of economists from around the nation declared the United States is in a recession. V-O-A's Paula Wolfson reports from the White House.

TEXT: The six economists who make up the National Bureau of Economic Research say the United States actually went into an economic recession back in March.

The news did not come as a total surprise to President Bush. He says he knew from the moment he took office in January that the economy was in trouble.

The President says that is why he is pushing Congress to pass an economic stimulus package that includes more tax cuts.

////BUSH ACT///

That tax relief plan is going to be part of an economic recovery package that will make sense for the long term of the country.

///END ACT///

Administration officials stress that the underpinnings of the economy are strong. They point, for example, to retail sales figures that show Americans are stepping up their holiday season purchases.

Mr. Bush finds still more reasons to be optimistic about the future.

///BUSH ACT TWO///

We've got low interest rates. We've got reasonable energy prices. We've got good tax policy in place. We've got the framework for economic recovery.

///END ACT///

The House of Representatives, with its Republican majority, is siding with the President on the size and composition of a plan to boost the economy. However, there are differences in the Senate where Democrats want less reliance on tax cuts and more direct help for unemployed workers.

President Bush says he wants them to come up with an acceptable solution within the next month. He says he wants to sign an economic stimulus bill before Christmas. (signed)

NEB/PW/KBK