US Treasury Secretary John Snow observed on Monday that the US economy is "permorming real well" thanks to President Bush’s package of tax reliefs.
Addressing the New Market Tax Credit Award ceremony, Snow commented that the Bush administration’s current monetary and fiscal policy "of which the president's tax cuts are a part," have contributed to increasing levels of disposable income and eight consecutive months of jobs growth.
However, Snow warned against the “unwelcome” rise in oil prices which is negating the effect of tax cuts, telling reporters that high oil prices “act like a tax on average Americans”.
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