June 29, 2006
JS-4344

Statement of Treasury Secretary John W. Snow
On GDP the Tax Cut Package Reconciliation

"Today's final revision for first quarter 2006 real GDP reveals the U.S. economy grew at a remarkable 5.6 percent rate – once again demonstrating that the President's tax relief helped spawn strong economic growth over the last three years, with 12 straight quarters of increased capital investment, more that 5.3 million jobs and higher standards of living for all Americans.  

 "With this my final official statement on economic growth as Treasury Secretary, I would like to take this opportunity to convey my confidence in the President's economic policies. There can be no doubt that the U.S. economy is in a better place because of the President's leadership.  I am particularly pleased by the clear progress on the deficit –with strong federal receipts, it's clear we are ahead of schedule to meet the President's goal.  What's more, with an agenda focused on improving the future of America's energy outlook and competitiveness, U.S. economic strength will be sustained for future generations.

 "I was also pleased to see the Senate's quick confirmation of my successor, Hank Paulson. The President, the U.S. Treasury and America will be well-served by Mr. Paulson's knowledge, ability and leadership."