NEW YORK, Oct. 3 (UPI) -- President Bush on Wednesday reassured national business leaders that the government would do everything it could to get the economy growing again in the wake of the Sept. 11 terrorist attacks.
"I think there's no question we all agree that the events of Sept. 11 shocked our economy, just like it shocked the conscience of our nation. But like those terrorists they can't affect our soul, they can't affect the greatness of America," Bush said. "We all believe that the underpinnings are there for economic recovery, and we all must do our part. And the federal government has a role to play."
Bush was visiting New York for the second time since suicide hijackers crashed two commercial passenger jets into the World Trade Center located in the heart of the city's financial district. More than 6,000 people are presumed dead because of the attacks.
Later in the day he visited an elementary school and have lunch with Mayor Rudolph Giuliani.
The president participated in an economic roundtable with more than two-dozen business leaders from the retail, communications and financial industries. He told them he was working diligently with Congress to develop an economic stimulus package that would give more tax relief to individuals and help workers displaced by the tragedy.
Bush said Treasury Secretary Paul O'Neill has recommended to Congress an economic stimulus package of between $60 billion and $75 billion. That figure is $10 billion higher than estimates by Senate Majority Leader Tom Daschle, D-S.D., who on Wednesday, said Congress has been discussing a package in the "$50 billion range."
Daschle said he had consulted with Sen. Max Baucus, D-Mont., on Wednesday morning, adding: "I think Senate Democrats generally feel that that's an appropriate size for an economic stimulus package. It's in keeping with admonition of most economists that we ought to be concerned about striking that balance between providing stimulus and not exacerbating long-term interest rates."
"I think everybody ought to be reminded, over and over, we are borrowing money to provide this stimulus, and people ought to know that. This is deficit spending once again, and it's very disconcerting to many of us, and -- but I can't -- I don't know that there's an alternative." Daschle said.
"We are in an economic and a defense and security emergency that would dictate we take emergency measures, and I think that's called for under these circumstances," he said.
Bush acknowledged that Congress had not signed off on his higher dollar amount for the stimulus package, but said they did recognize that some of the actions taken together, including the $40 billion emergency appropriation and the $15 billion airline bailout would have a positive effect on economic growth.
"And I do believe they recognize there needs to be more. And so one of the things that I'm doing is providing the leadership necessary to try to set the parameters on what the definition of 'more' is," Bush said.
Bush met Tuesday with a bipartisan group of congressional leaders, including Daschle, on Tuesday to discuss strategies for boosting the economy. It had been suggested that the White House may back an economic stimulus package that would include an extension of unemployment benefits to those laid off after the attacks -- possibly by as much as six months.
Another element being considered is a payroll tax cut for those 29 million Americans who do not earn enough to have qualified for a tax cut rebate check -- millions of which were mailed earlier this year as part of Bush's 10-year, $1.35 trillion tax cut.
(Kathy Gambrell reporting from Washington.)
