US Treasury Secretary Paul O'Neill made
critical comments last week on the current status of the economic stimulus
package which slowed almost to a standstill in the Senate. He
said: 'On October 5, President Bush asked Congress to enact an economic
security package ... the legislative year is coming to an end, and still
the Senate hasn't acted.'
'First they failed to pass a bill,' he added.
'Now, after finally agreeing to a conference process to negotiate an economic
stimulus, Senator Daschle has created an impossible hurdle for the negotiators.
With his insistence that two-thirds of Senate Democrats sign off on a
stimulus package, Senator Daschle has rendered Senate Democrat conferees
powerless in negotiating an agreement.'
Mr O'Neil stressed that President Bush had
called for four provisions to help strengthen the US economy and create
more employment: accelerating depreciation to stimulate investment; eliminating
the corporate alternative minimum tax to ensure that employers hit by
the downturn can retain and create jobs; providing relief to taxpayers
who haven't received tax rebate checks; and accelerating the already-enacted
income tax rate cuts to put more money in people's pockets and help small
businesses create and retain jobs.
'Today's unemployment numbers reinforce that
we need a stimulus package to strengthen our economic recovery and put
people back to work,' he said.
On his government website page, Majority
Leader Tom Daschle said: 'The economic stimulus package I am fighting
for in the Senate provides unemployment benefits and health care assistance
to those who have lost their jobs, tax relief for working families, and
incentives to encourage business investment. My plan also seeks to restore
consumer confidence by fighting bio-terrorism. These provisions are temporary,
genuinely stimulative and will protect Social Security and Medicare. The
plan is effective, responsible and needed.'