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Fact Sheet: Charting a Clear Course for the Economy
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For Immediate Release Office of the Press Secretary July 3, 2008

Fact Sheet: Charting a Clear Course for the Economy President Bush
Continues Pressing Congress To Approve Pro-Growth Economic Policies

ÿÿWhite House News


Today, the Bureau of Labor Statistics released new jobs figures for
June.ÿÿNonfarm payroll employment decreased by 62,000 jobs in June and the
unemployment rate remained unchanged at 5.5 percent, in line with
expectations.ÿ Although these numbers are disappointing, the unemployment
rate remains below the averages for the past three decades.ÿ Despite slow
growth, the economy continues to demonstrate resilience. ÿThe first quarter
GDP was revised up to one percent at an annual rate, and other data suggest
growth in the second quarter may be stronger than the first quarter.
  þ Almost 105 million tax rebate payments, totaling more than $86 billion
    have now been sent to Americans under the bipartisan economic growth
    package President Bush signed into law. ÿThe growth package is sending
    over $152 billion back to American families and businesses this year
    and is expected to help create more than 500,000 jobs by the end of
    2008.ÿ
  þ We expect to see the full benefit of the growth package reflected in
    economic numbers as the year progresses, but there is already evidence
    that Americans are spending their rebate checks. ÿReal consumer
    spending increased 0.4 percent in May, likely reflecting a boost from
    the rebate checks.

The President Calls On Congress To Approve Legislation Implementing
Pro-Growth Economic Policies

President Bush asks Democratic Congressional leaders to move forward with
four steps to expand American fuel production to help U.S. families cope
with high energy costs.ÿÿThe President has called on Congress to: increase
access to the Outer Continental Shelf; tap into the extraordinary potential
of oil shale; permit exploration in the Arctic National Wildlife Refuge;
and expand and enhance our refinery capacity. ÿ

President Bush calls on Congress to save Americans from the largest tax
increase in history by making his tax relief permanent.ÿ The President's
2001 and 2003 tax relief fueled economic growth and reduced the burden on
everyone who pays income taxes. ÿWithout President Bush's tax relief,
Americans would have paid an additional $1.3 trillion in taxes by the end
of 2007.ÿ If the President's tax relief is allowed to expire at the end of
2010, Americans will pay about $280 billion more in taxes each year.ÿ

President Bush continues to urge Congress to approve pending free trade
agreements (FTA)with Colombia, Panama, and South Korea.ÿThese FTAs would
expand access to key export markets with three democratic allies and level
the playing field for U.S. companies.ÿ Exports now constitute a larger
share of our GDP than at any other time in history, and export-related jobs
pay wages 13 to 18 percent higher than the national average.ÿ Real exports
grew by 9.5 percent over the four quarters that ended in the first quarter
of 2008.ÿ

The Administration Has Helped And Continues To Help Responsible Homeowners
Across America

The President launched FHASecure, which has helped more than 250,000
families avoid foreclosure by refinancing into safe Federal Housing
Administration (FHA)-insured mortgages.ÿ In April, FHA also announced a
plan to expand the program to help even more families refinance their
mortgages. ÿThis expansion will begin in July. ÿIn total, FHA expects to
help about half a million families refinance by the end of the year.

The President and his Administration also helped facilitate formation of
the private-sector HOPE NOW Alliance, which has developed multiple
strategies to help distressed homeowners.ÿ By working together,
participants in the mortgage industry have helped more than 1.7 million
families stay in their homes since July 2007.ÿ HOPE NOW membership now
covers more than 90 percent of the subprime mortgage market.

Upon returning from its recess, Congress should swiftly pass responsible
legislation to modernize the FHA.ÿ A modernized FHA with appropriate
pricing flexibility could help thousands by the end of 2008.ÿ Congress
should also pass GSE reform to strengthen the regulation of Freddie Mac and
Fannie Mae, ensuring they are adequately capitalized and focused on their
statutory housing mission.ÿ A strongÿregulator can also ensure these
enterprises do not place taxpayers at increased risk.ÿ On August 31, 2007,
the day he announced the creation of FHASecure, President Bush made an
urgent call to Congress to pass FHA modernization and GSE reform. Congress
still has not sent the President legislation that he can sign.ÿ Every day
that we wait, the problem gets worse, and more people go into foreclosure.ÿ
  þ While the President thinks there are good aspects to Congress' efforts
    to address the housing situation, he does have concerns.ÿ For example,
    Senate legislation that would ban risk-based pricing is a mistake.ÿ
    Moreover, the Senate bill would provide for $4 billion to states to
    purchase already foreclosed homes, which just helps banks, not people
    trying to stay in their homes.ÿ The Administration is working closely
    with Congress to try to improve the bill into something the President
    could sign.ÿ

ÿ

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