Time for Bush Plan Is Now, Armey Says

House Majority Leader Dick Armey (R-Texas) said there is no question that President-elect George W. Bush will face a slowing economy when he takes office and that Congress needs to get to work quickly on his economic proposals, including a tax cut. Speaking on the GOP’s weekly radio address, he cited rising interest rates worldwide, oil prices nearly twice as high as a year ago and a spike in natural gas prices driving up home heating bills this winter. Armey said that, aside from the technology sector, “the rest of the economy is at a virtual standstill.” Bush has proposed $1.3 billion in tax cuts over 10 years.