Paulson, Henry M., Jr.

Yale University

Yale University EliScholar – A Digital Platform for Scholarly Publishing at Yale YPFS Documents (Series 1) Browse by Media Type 1-18-2008 Statement by Secretary Henry M. Paulson, Jr. on Short-Term Growth Package at White House Press Briefing Henry M. Paulson Jr. Follow this and additional works at: https://elischolar.library.yale.edu/ypfs-documents Recommended Citation Paulson, Henry M. Jr., "Statement by Secretary Henry M. Paulson, Jr. on Short-Term Growth Package at White House Press Briefing" (2008). YPFS Documents (Series 1). 7542. https://elischolar.library.yale.edu/ypfs-documents/7542 This Document is brought to you for free and open access by the Browse by Media Type at EliScholar – A Digital Platform for Scholarly Publishing at Yale. It has been accepted for inclusion in YPFS Documents (Series 1) by an authorized administrator of EliScholar – A Digital Platform for Scholarly Publishing at Yale. For more information, please contact elischolar@yale.edu. 6/4/2020 Statement by Secretary Henry M. Paulson, Jr. on Short-Term Growth Package at White House Press Briefinghttps://www.treasury.gov/press-center/press-releases/Pages/hp766.aspx 1/2 U.S. DEPARTMENT OF THE TREASURYPress Center Statement by Secretary Henry M. Paulson, Jr. on Short-Term Growth Package atWhite House Press Briefing1/18/2008  Washington, DC--Before the President left for the Middle East, he told the nation he recognized the growing concerns about the economyand he asked his economic team to assess the need for a growth package. I talked with knowledgeable people in all parts of the economy,and reviewed the data with the economic team, and we regularly reported our thinking to the President while he was traveling. When hereturned, he made the decision that we need to act quickly to support the economy in the short term.The long-term fundamentals of the economy are strong, and I believe our economy will continue to grow. At the same time, the U.S.economy is experiencing a significant housing correction. This correction was inevitable after years of unsustainable home priceappreciation, and it is exacting a penalty to our economic growth. We are taking steps to minimize the impact on homeowners and the realeconomy, and we will continue to work with Congress to do more on housing.The housing correction, capital market turmoil, and high oil prices together have caused our economy to slow materially in recent weeks.While I am confident in our long-term economic strength, the short term risks are clearly to the downside, and the potential cost of notacting has become too high. We must act now to support our economy this year.The President laid out today clear principles that should guide the creation of an effective growth package. We are focused on workingwith Congress to quickly reach consensus on a plan that gets cash to consumers and gives businesses incentives to invest, grow andhire. We know from experience that these policies work to stimulate growth in the short term. The package should be robust enough tomake an impact this year, and should be temporary so that it doesn't impact our long-term fiscal position.Over the last few weeks, I consulted with the leaders in Congress and a broad group of members in both parties to gather their views. Iheard from them the same thing the President heard from them yesterday - our economy is slowing faster than expected, and that meanswe need to act quickly to put together a package that is temporary, simple enough to get enacted quickly, effective at boosting growth andjob creation this year and large enough to make a difference.I am confident that the principles the President outlined today are a solid foundation on which to build – they reflect the principlesmembers of Congress have advocated publicly and have discussed with me privately in recent weeks. I look forward to engaging withCongressional leaders immediately to support our economy this year.  6/4/2020 Statement by Secretary Henry M. Paulson, Jr. on Short-Term Growth Package at White House Press Briefinghttps://www.treasury.gov/press-center/press-releases/Pages/hp766.aspx 2/2

Statement by Secretary Henry M. Paulson, Jr. on Short-Term Growth Package at White House Press Briefing

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Statement by Secretary Henry M. Paulson, Jr. on Short-Term Growth Package at White House Press Briefing

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