Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Cut Taxes to Fix 'Soggy' U.S. Economy, Snow Says

WASHINGTON -- U.S. Treasury Secretary John Snow said Sunday the United States was suffering from a "soggy" economy that needs to double its growth rate, and President George W. Bush's tax cut package would help solve the problem by creating more jobs.

Appearing on four televised Sunday morning talk shows, Snow said Congress needed to pass close to $550 billion of what's left of Bush's tax cut plan to create more jobs and boost the economy, which has lost 2.7 million jobs since Bush has been in office.

"A soggy economy is what we've got today," Snow said on ABC's "This Week" news program. "We're in a recovery, but it's not as strong and robust as it should be," he added.

Snow said the economy needs to grow by at least double the 1.6 percent growth rate that was achieved during the January-March period.

"You know we should be growing at 3.5 percent to 4 percent," he said on NBC's "Meet the Press."

To help boost the economy, Bush is urging Congress to pass a 10-year tax cut plan, which Snow said would create 450,000 jobs by the end of this year and 1.5 million jobs by the end of next year.

"The economy is under-performing its potential, and as a result millions of people don't have jobs who otherwise would have one. And that's the reason for the president's proposal," Snow said. "If they [lawmakers] pass this one, I'm confident we're going to get back to those growth rates we need," he said.

The House of Representatives on Friday approved a $550 billion tax cut that is lower than the president's original request of $726 billion, but more than the $350 billion being considered by the Senate. Both chambers will eventually have to hammer out their difference to come up with a final tax cut package.

"The president has said 550 is the minimum he wants, but somewhere between 400 and 550, you can do a lot of good to create jobs in America," Snow said on "Fox News Sunday."

Separately, Snow said the United States was committed to a strong dollar, as the value of the euro is at a four-year high against the dollar. "We believe in a strong dollar."