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Q Thank you, sir. Since taking office you signed into law three major tax cuts -- two of which have had plenty of time to take effect, the third of which, as you pointed out earlier, is taking effect now. Yet, the unemployment rate has continued rising. We now have more evidence of a massive budget deficit that taxpayers are going to be paying off for years or decades to come; the economy continues to shed jobs. What evidence can you point to that tax cuts, at least of the variety that you have supported, are really working to help this economy? And do you need to be thinking about some other approach?

THE PRESIDENT: Yes. No, to answer the last part of your question. First of all, let me -- just a quick history, recent history. The stock market started to decline in March of 2000. Then the first quarter of 2001 was a recession. And then we got attacked in 9/11. And then corporate scandals started to bubble up to the surface, which created a -- a lack of confidence in the system. And then we had the drumbeat to war. Remember on our TV screens -- I'm not suggesting which network did this -- but it said, "March to War," every day from last summer until the spring -- "March to War, March to War." That's not a very conducive environment for people to take risk, when they hear, "March to War" all the time.

-- President Bush press conference, July 30, 2003