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Sunday Morning News

Bush Focuses on Global Policy

Aired March 18, 2001 - 9:14 a.m. ET

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

KYRA PHILLIPS, CNN ANCHOR: President Bush will focus on global issues coming up this week. He's going to meet with several world leaders to prove that. CNN's Kelly Wallace joins us from the White House with a preview.

Good morning, Kelly.

KELLY WALLACE, CNN WHITE HOUSE CORRESPONDENT: Well, good morning, Kyra. President Bush will be returning the White House later this afternoon after spending the weekend at Camp David. And as you mentioned, he will be gearing up for a very busy week. He will be meeting Tuesday with Israel's newly elected prime minister, Ariel Sharon and then later in the week, he steps into relations with China by sitting down with that country's deputy premier.

But he gets underway tomorrow with a meeting with Japan's prime minister, Yoshiro Mori. It's somewhat of an unusual situation. Mr. Mori considered a lame duck and expected to announce his resignation very, very soon. Still the White House wanted President Bush to sit down with Mr. Mori to strengthen and to highlight the importance of the U.S.-Japanese alliance before Mr. Bush sits down with a Chinese leader later in the week.

Also, the two men have many pressing economic matters to discuss -- the U.S. and Japan, the world's two largest economies. Japan's stock market plummeted last week and of course, the U.S. stock market had one of its worst weeks ever as well. So economy likely to dominate the agenda there.

On the domestic front, Mr. Bush expected to of course, watch the market this week also to keep his eye on energy prices and prices at the pump after the oil production nations announced yesterday that they would slash oil production by about one million barrels a day. The Bush administration calling that move disappointing and saying it shows the need to increase oil production in the United States.

Finally here, Mr. Bush expected to continue to push for his $1.6 trillion tax cut plan. While momentum is building here in Washington to speed up any tax cuts, to get more money to taxpayers more quickly to stimulate the economy. And that is something Mr. Bush is said to be open to discussing.

That's the word from the president's budget director, Mitch Daniels who spoke with CNN's "EVANS, NOVAK, HUNT & SHIELDS" yesterday. (BEGIN VIDEO CLIP, "EVANS, NOVAK, HUNT & SHIELDS")

MITCH DANIELS, DIRECTOR, OFFICE OF MANAGEMENT AND BUDGET: The president, I think, has been pretty clear for a long time in advocating a tax cut built on elements that he first advocated when the economy was very strong and no one was particularly considered about its weakness, like you see currently. And he still would like to see those elements included. We still think it's the right size. But he's open and listening to Congress about ways in which it might be modified.

(END VIDEO CLIP)

WALLACE: And again, the key message coming from the White House, the President open to discussing some modifications but the President still wants the package of $1.6 trillion -- no more, no less -- Kyra.

PHILLIPS: All right, Kelly. A lot of people want to know about that energy plan also that Mr. Bush is working on. Where does that team stand?

WALLACE: Well, Mr. Bush will meet with the Cabinet officials who are working on that plan tomorrow. We're expected to hear from many of those Cabinet officials this week -- assessing the situation now as parts of the country continue to face increasing demand for energy and declining supply.

We're not expected though to hear the actual plan from this administration until probably April or May. But we should hear this administration talking about the problem and some areas it is likely to focus on such as boosting oil production in this country -- Kyra.

PHILLIPS: All right; Kelly Wallace, live from the White House, thanks so much.

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