Bush says US Economy to Gain Momentum

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Last updated at: (Beijing Time) Sunday, August 03, 2003

Bush says US Economy to Gain Momentum

US President George W. Bush said Saturday that the slowly recovering US economy should gain momentum when checks of tax rebate for families with children reach American families.

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US President George W. Bush said Saturday that the slowly recovering US economy should gain momentum when checks of tax rebate for families with children reach American families.

"We are starting to see some results from our actions," Bush said in his weekly radio address, referring to his tax cuts and other economic stimulus measures.

"Many economists expect that growth will accelerate in the coming months," he said.

He noted that the latest installment of tax relief -- rebate checks reflecting an increase of the per-child tax credit to 1,000dollars from the previous 600 dollars -- are in the mail and already have reached some US families.

"That money will help American families move the economy forward," Bush said in his address.

He also noted that other recent economic reports demonstrated "some encouraging news on the economy," showing stronger-than-expected growth in the April-June quarter and increases in manufacturing activity, retail sales and new home sales.

The US Commerce Department reported Friday that the US economy increased at annual rate of 2.4 percent in the second quarter resulting mainly from the surge of military spending.

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