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 Home > News & Policies > October 2003

Excerpts from the Press Briefing by Scott McClellan, October 30, 2003 (Full Transcript)

QUESTION: Any reaction to the latest GDP figures -- fastest since 1984?

MR. McCLELLAN: Our economy is growing and getting stronger. I think today's numbers are another positive sign that the tax relief advocated and signed by the President is working. We are getting more money into people's pockets, money that people can use to invest and spend and get our economy growing. And I think it's important to keep in mind that most independent economic forecasters predict that our economy will continue to grow above the historical averages of 3.3 percent since 1960, but that we won't see growth as fast as we are this quarter.

QUESTION: We won't see it as fast?

MR. McCLELLAN: In coming quarters, most independent forecasters believe that it will continue to grow above historical averages, but not as fast as we see in this quarter. While the economy is moving in the right direction because of the action that we have taken, there is more work to be done, and I think the President may talk a little bit about this in his remarks later today at the Central Aluminum Company.

We need to continue to act to build upon the steps we have taken to get our economy growing so that we can continue to translate growth into job creation. There are signs that the labor market is improving. And the President will continue to emphasize that there's more to do, and that we need to -- Congress needs to take steps to act on his six-point plan for strengthening our economy even more. And that includes -- specifically, today, the focus will be on passing a comprehensive energy plan, but I think he will touch again on his six-point plan for strengthening our economy even more.

QUESTION: Secretary Snow is taking the foreign exchange report to Congress today. I don't know what it says, but inevitably it's out already. Do you have anything to say on that?

MR. McCLELLAN: First, we'll let Secretary Snow testify before Congress, which I think he is probably doing now. So we'll let him speak first.