This is a transcript of PM broadcast at 1800 AEST on local radio. Thank you, Mark. President George W Bush has addressed the United States Congress in a bid to rally his support for his plan for massive tax cuts. The address, broadcast live by the major television networks, is seen as the first real test of Mr Bush's leadership. Washington correspondent Agnes Cusack reports that opinion polls show lukewarm support for the trillion dollar tax cut as consumer confidence in the US plummets.
Tax relief is ripe, and tax relief is urgent.
The long economic expansion that began almost 10 years' ago is faltering. Lower interest rates will eventually help but we cannot assume they will do the job all by themselves. Along with the massive tax cut the new President promised increased spending on education, conservation, social security and Medicare, as well as paying down the national debt. Critics of the tax cut believe the slowing economy makes the proposal risky. Figures released earlier in the day underline these concerns.