President Bush Announces His Economic Recovery Plan, Named 'Growth and Jobs Plan' - 2003-01-07

President Bush announced his economic recovery plan for the United States, which he called the 'Growth and Jobs Plan.' In a speech today in Chicago, he stated that he aims to eliminate the tax on dividends and implement broad tax cuts immediately. He added that tax reductions increase consumers' purchasing power, create jobs, and energize the economy. Members of the 108th Congress were sworn in today, marking the beginning of a new session where Republicans hold a slight majority in both houses. Republicans hope to pass President Bush's economic programs while Democrats seek to make changes to the government's economic policies. Senator William Frist has become the new Senate Majority Leader, and Tom Daschle, the Minority Leader, unexpectedly announced that he will not run in the next presidential election and wishes to focus all his attention on his duties in the Senate. Meanwhile, President Bush is announcing his plan to stimulate the U.S. economy. He told reporters yesterday that his $600 billion economic plan will directly benefit all Americans, contrary to claims by Democratic critics that it only favors the wealthy. Under President Bush's plan, the tax on dividends will be eliminated, and the average tax burden on 92 million Americans will be reduced by $1,000.