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Bush to unveil economic package next week
CRAWFORD, Texas (CNN) -- Even as he expressed his faith in the underlying strength of the American economy, President Bush said Thursday he will unveil an economic stimulus package next week with a focus on creating jobs. Aides said tax cuts would be a large part of the mix. Talking to reporters who joined him on a nature hike on his sprawling ranch, the president rejected criticism from some Democrats that his tax breaks have primarily benefited the wealthy. "I'm concerned about all people," Bush said. "I understand the politics of economic stimulus, that some would like to turn this into class warfare." The president said the economy is "pretty darn strong" despite the recent recession, a breach in corporate confidence -- as a result of corporate malfeasance -- and the September 11 terrorist attacks. Administration and congressional sources say components of the president's plan that are under consideration include: • Cuts in taxes on stock dividends, which aides say could help promote investment and spur growth. • Acceleration of some of the personal tax cuts enacted in 2001 but not set to take hold until 2004. • Tax deductions for businesses, likely to include a break for investments on new equipment. • An extension of unemployment benefits. Sen. Chuck Grassley, the incoming chairman of the Committee on Finance and the Senate architect of bipartisan tax cuts in 2001, said he appreciates Bush's "close attention to the economy." "Those of us in Washington need to do everything we can to encourage job creation. I don't mean just any jobs, but quality opportunities that pay enough income to sustain families and build careers," the Iowa Republican said in a statement. "I'm interested in plans that will work quickly, that will do the most good for the most people and that will pass in a bipartisan way, given the realities of working in a closely divided Senate." An administration official told CNN that following Bush's speech Tuesday at the Economic Club of Chicago, the White House will send out senior officials throughout the week to sell the plan. Vice President Dick Cheney is likely to give a speech Wednesday on the plan, the president's new economic adviser, Stephen Friedman, is expected to sell it to Wall Street, and members of the Cabinet like Labor Secretary Elaine Chao and Commerce Secretary Don Evans will also hold events. Bush's comments came on the same day that Democratic Sen. John Edwards of North Carolina announced plans to seek the White House in 2004. Bush dismissed the Democratic maneuvering as "background noise" and sought to position himself above the political fray. "I'm not paying attention to politics," he said. "I'm going to continue doing the job the American people expect, which is to safeguard America and Americans." The president said he'll explain his plan more fully next week. "I will talk about how to create jobs ... as well as how to take care of those who don't have a job," Bush said. The president has in recent weeks called for an extension of unemployment benefits, but Democrats have criticized him for not advocating such a move earlier. White House and congressional aides say they expect the Bush package to include a tax cut targeting lower-income Americans. On other matters, Bush: • Said it is up to Saddam Hussein to disarm and avert a military confrontation with the United States. "He is a man who likes to play games and charades," Bush said of the Iraqi leader. • Criticized North Korea's Kim Jong II as a leader who "starves his folks." But the president reiterated his belief that the standoff with the isolated nation over its development of nuclear weapons could be resolved peacefully. "It's a diplomatic issue, not a military issue," Bush said. -- Written by CNN.Com Producer Sean Loughlin in Washington with additional reporting from CNN White House Correspondent Dana Bash in Crawford, Texas
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