Bush pledges steps to spur jobs, business growth
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WASHINGTON (Reuters) -- U.S. President Bush promised new measures to promote jobs and business growth on Saturday and touted his trillion-dollar tax cuts in what amounted to a State of the Union preview.
"Tax relief has helped turn our economy around," Bush said in his weekly radio address.
"Our economy grew at its fastest pace in two decades in the third quarter of 2003. Manufacturers are seeing a rebound in new orders in factory activity. And more than a quarter-million new jobs have been created since August," he said.
Although GDP growth grew at a breakneck pace of 8.2 percent in the third quarter of last year, job growth has fallen short of what many analysts say is needed to signal a decisive recovery in the employment sector.
The latest employment reading from the government showed a rise of just 1,000 jobs in December. That was the fifth straight monthly increase but fell short of private economists' expectations for a gain of 130,000 jobs.
Bush will deliver his State of the Union address to Congress Tuesday night.
The president said he would unveil new economic measures Tuesday, although sources close to The White House have said there are no plans for big new tax cuts.
"We will work to expand opportunities for all Americans to own their own business. We'll press forward on an agenda of economic growth so that everyone who wants to work can find a job," Bush said.
In a relatively modest initiative, the president is expected to propose new ways to help Americans save money. The plans include lifetime savings accounts -- for purposes such as a house or college tuition -- and retirement savings accounts.
Democrats seeking to challenge Bush in the November presidential election blame his tax cuts -- which total some $1.7 trillion over 10 years -- for the budget deficit that is expected to top a record $500 billion this year. They have also said the reductions have not done enough to revive job growth. During his State of the Union address, Bush is expected to defend the war against Iraq and describe its aftermath as a chance to bring democracy to the heart of the Middle East.
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