November 30, 2005
JS-3025

Statement of Treasury Secretary John W. Snow
On Third Quarter GDP

"Economic growth was outstanding in the third quarter of this year. The government's estimate of the rate of growth increased to 4.3 percent, which is very good news for American workers and those seeking jobs. Additionally, it is good news for federal and state government budgets with economic growth inevitably leading to higher tax receipts.

"Continued strong GDP growth, along with news of a rebound in consumer confidence in November and a robust start to the holiday shopping season are all compelling indications that the American economy is solidly on a track of healthy growth.

"For each of the last ten quarters, and in spite of severe weather disruptions in the most recent quarter, the American economy has grown at a robust rate of 3.3 percent or more.  There can be no doubt that the combination of the President's leadership and good fiscal policies with American innovation and hard work continues to make the American economy the most adaptive and resilient in the world.

"The President's economic course of lower tax rates and the Federal Reserve Board's sound monetary policy are the foundation upon which the American people build a strong economy. We need to continue these pro-growth policies, and prevent harmful tax increases."