U.S. Pushes forward with 60 Billion-75 Billion Dollar Package to Revitalize Economy

Treasury Secretary Paul O`Neill announced on Wednesday that President George W. Bush will request the Congress to approve a revitalization package of between 60 billion dollar and 75 billion dollar for the U.S. economy, which has shrank due to the aftermath of the terrorist attacks.

O`Neill said at the Senate Finance Committee that ``President Bush thinks that a package of between 60 billion dollar and 75 billion dollar to revitalize the consumer confidence and the business investment, which have shrank due to the aftermath of the terrorist attacks, is necessary. We hope that all parties would agree on the revitalization package at the Congress.``

O`Neill forecasted that ``the third quarter (July-September) would almost certainly show negative economic growth. But this could be avoided in the fourth quarter (October-December) if consumer confidence and the business activities are revived promptly.``

If the Bush administration agrees on the economy revitalization package amounting to 60 billion dollar to 75 billion dollar through the consultation with the Congress, the U.S. government`s supplementary budget amount is to exceed a total of 100 billion dollar since the terrorist attacks. The U.S. Congress approved the government of using 40 billion dollar on the countermeasure expenses on the terrorist attacks, such as urgent restoration expenditure, and 15 billion dollar for aiding airplane companies.

mickey@donga.com