John Snow on Budget & Economy
Treasury Secretary (Pres. Bush Cabinet)
Large and unwelcome as they are, the deficits are understandable. They are understandable in the sense that the President inherited a recession and an economy greatly weakened by the excesses of the late 90s. That situation required tax-cut incentives to give oxygen to the American economy through a very difficult period. And by the third quarter, those incentives were beginning to work.
Then the unthinkable happened: September 11, 2001. It took the wind out of the recovery. Despite all of that, all of those incredible shocks, we came through it with only three quarters of negative growth and an economy now on a strong recovery path. It was the mildest and shortest recession on record.
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Former Bush Administration:
Pres.George W. Bush
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