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Morning News

President Bush Takes Education Message to Washington Classroom; Fed Chairman Greenspan Hints at Support for Tax Cut

Aired January 25, 2001 - 11:08 a.m. ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

DARYN KAGAN, CNN ANCHOR: Two of the dominant issue facing George W. Bush the first week of his presidency have been education and money matters.

Let's go to the White House now and CNN's Kelly Wallace for more on that -- Kelly.

KELLY WALLACE, CNN WHITE HOUSE CORRESPONDENT: Well, Daryn, that's exactly right. First to education. President Bush took his education reform plan to the classroom. He and the first lady, along with four leaders on the key education committees in the Congress, traveled to an elementary school here in the nation's capital -- a school that tests its students every year beginning with the first grade.

Now, annual testing is a big part of the president's education plan. He believes it would hold schools accountable and make sure that children, even in the poorest schools, are getting the education they deserve.

(BEGIN VIDEO CLIP)

GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: There is a strong sense of accountability, which means there's a strong sense of the possible. Accountability is so important. By accountability I mean testing children to determine whether or not children are learning. I believe it's the cornerstone of reform. I believe it's the essence of excellence in education.

(END VIDEO CLIP)

WALLACE: And Mr. Bush also said he does not believe that accountability is a tool to punish schools, but an approach to correct deficiencies to make sure children are getting a good education.

Now, a big part of the president's plan does include a very controversial provision, and that is if public schools fail, their students over three years, children in those schools, and their parents, would get federal tax dollars to use for private schools or private tutors. Democrats object to what they call the private school vouchers and believe this measure would, in essence, abandon public schools. But meantime, while Mr. Bush was touting his education plan, his team was definitely watching the testimony of Federal Reserve Chairman Alan Greenspan, who went before the Senate Budget Committee this morning. I believe he is still testifying. And during that appearance before the Senate committee, he did say that tax reduction may be required to prevent the federal government from running big surpluses. That would certain be good news to the Bush administration.

But at the same time, he tended to throw some cold water on the idea that tax cuts would provide an immediate boost to the economy. Now, it is unclear what Mr. Greenspan's testimony -- what impact it will have on Mr. Bush's plan. He is proposing an approximately $1.6 trillion across-the-board tax cut.

One argument, though, Mr. Bush has been putting forward, Daryn, is that he believes this tax cut is needed now more than ever to stimulate a slowing economy. So some mixed signals from Mr. Greenspan. We'll have to see how that plays out on Capitol Hill.

Daryn, back to you.

KAGAN: Kelly Wallace, thank you very much.

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