There is very good news, news that was released today, and that is that the economy grew by 7.2 percent in this last quarter--in July, August, and September. This to me is really a spectacular piece of news, especially as we know the people are following this economy very closely, especially to see what the response is to the President's tax relief package several months ago. Mr. President, 7.2 percent is spectacular in so many ways. In fact, it has been nearly 19 years--I guess the last date was in 1984--that the economy last saw such growth. This news is not totally unexpected. For the last several days I have come to the Senate Chamber to suggest that this is the sort of figure we could expect, in large part because of the policies we enacted earlier this year, specifically the tax reductions which we knew would result in such growth. Indeed, we are now seeing that hard data of growth--7.2 percent in the last quarter. This positive news was also reflected and added to by this morning's numbers which showed that personal consumption has increased at 6.6 percent as well.
Editor's note · Context
Discussing economic growth and tax relief during a Senate floor speech.
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