March 26, 2008

THE PRESIDENT: Jim, thank you very much for your hospitality. Thank you all very much for greeting me here.

ColorCraft is a small, thriving business that will benefit from the stimulus¹ package that the Congress passed earlier this year. It will benefit from it because if they make -- if Jim decides to purchase software or machinery², there is a tax incentive³ to encourage him to do so. He's made the decision to do so, and his company will be encouraged to do so through the tax code.

And that's important because when he buys the machine, or when he buys software, somebody has to manufacture that. Therefore, there is a direct link between the stimulus package and jobs. As well -- we talked about this earlier -- a lot of the folks who work here at ColorCraft are going to get a check in the second week of May, as part of the economic, pro-growth stimulus package. And recently there's been a mailer out to our citizens from the IRS. And this mailer basically describes the benefits from the stimulus package that people will receive.

One of the things that's very important for our citizenry to understand, that is if you do not file an income tax return, you need to go to your local IRS office and get a form that will show the government where you live and who you are so you can get your check. If you file an income tax form all you got to do is your '07 income tax and mail it in.

But there's a lot of people eligible⁴ for this stimulus package, the money coming out of the government to our individual citizens, who don't file income tax forms, and yet they're eligible. And so recently the IRS has been indicating that this weekend, this Saturday, there's going to be a -- there's an opportunity for citizens to go and make it clear who you are, where you live, so you can get your check, as well.

The purpose of this is to respond decisively to the economic downturn that we're going through. The Congress, along with the White House, worked very closely to pass a very substantial pro-growth package. And I fully⁵ recognize that people are concerned about our economy, but they must understand that this package has yet to fully kick in yet. We've taken action, but it's going to take a while for the economy to feel the effects of this good law that I signed. It's going to take a while for these folks standing⁶ behind me to get their money.

Now, Jim has already made a decision because the aspects of the stimulus package for small businesses are clear. It is the law. And therefore, when he buys the equipment and software that he's planning on buying, he can rest assured that the tax incentive will be available for him in this year.

Now, small businesses are the backbone⁷ of the U.S. economy. Small business owners and -- are dreamers and doers. We want to watch them and help them expand, because as they expand, more and more people find work. There's a rough patch right now in our economy, but I'm confident in the long term we'll come out stronger than ever before. One of the most decisive actions a government can take is to give people their money back so they can spend it, and that's exactly what we've done. In the second week of May, a lot of folks are going to be getting a sizable check. And I'm looking forward to that day, and I know they are as well.

Thank you for coming. Thank you all.

END 12:30 P.M. EDT