US Treasury Secretary Nominee Touts Bush Tax Cut

Broadcast: Jan 30 2003

 

John Snow, the railroad executive tapped by President Bush to succeed another industrialist¹ as U.S. treasury² secretary, says the economy can sustain large budget deficits⁴ in the short term.

Mr. Snow appears on his way to easy confirmation⁵ in the Senate. In his first appearance before the Senate Finance Committee, Mr. Snow said President Bush's proposed $674 billion tax cut over 10 years will boost economic growth. He said he is not particularly worried about the impact on the budget, which is expected to register a record $300 billion deficit³ next year.

Mr. Snow says a recovery from recession is under way but that tax cuts are needed to stimulate⁶ growth.

"But despite these significant events the economy is recovering," he said. "It is a ¹⁾testimony to the ²⁾inherent ³⁾resiliency (I think ) of the American economy that it could take so many shocks, so many body blows and still do as well as it is doing."

Mr. Snow defended his pay at the CSX railroad, which totaled $18 million in 2001. His net worth is said to exceed $100 million.

The previous treasury secretary, Paul O'Neill, was dismissed by President Bush in December. He reportedly got into trouble because the economy had failed to recover quickly and he was thought to be concerned about the ⁴⁾budgetary impact of another round of large tax reductions.

Barry Wood VOA news, Washington.

1) testimony[5testimEni]n. 证词(尤指在法庭所作的), 宣言, 陈述

2) inherent[in5hiErEnt]adj. 固有的, 内在的, 与生俱来的

3) resiliency[rI`zIlIEnsI]n. 跳回, 弹性

4) budgetary[5bQdVitErI]  adj. 预算的

 

1 industrialist   

n.工业家，实业家

参考例句：

• The industrialist's son was kidnapped.这名实业家的儿子被绑架了。
• Mr.Smith was a wealthy industrialist,but he was not satisfied with life.史密斯先生是位富有的企业家，可他对生活感到不满意。

2 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

3 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

4 deficits   

n.不足额( deficit的名词复数 )；赤字；亏空；亏损

参考例句：

• The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
• Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。 来自辞典例句

5 confirmation   

n.证实，确认，批准

参考例句：

• We are waiting for confirmation of the news.我们正在等待证实那个消息。
• We need confirmation in writing before we can send your order out.给你们发送订购的货物之前，我们需要书面确认。

6 stimulate   

vt.刺激，使兴奋；激励，使…振奋

参考例句：

• Your encouragement will stimulate me to further efforts.你的鼓励会激发我进一步努力。
• Success will stimulate the people for fresh efforts.成功能鼓舞人们去作新的努力。