LOU WATERS, CNN ANCHOR: Hello. I'm Lou Waters at CNN Center. We're going to take you to New Jersey, where President George W. Bush is today, expressing concern earlier today over the sharp drop in the stock market. He's in New Jersey pushing his stock -- his tax reform plan, which he says will help restore growth for this economy that some fear is near a standstill now. The president's comments come today as major market indices added to a recent string of losses. The sell-off continues. One-point-six trillion dollars over 10 years is what the president's plan is. He's sticking to it, although there's some talk up on Capitol Hill that some concessions may be made. He's in East Brunswick, New Jersey, at the joint meeting of the New Jersey Chambers of Commerce. Here's the president.</s>GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: Thank you, all. Sit down, please. Thank you. OK! Thank you very much. Thank you, all. Please. Governor, thank you very much. I appreciate your kind words, and I appreciate your friendship. I got to know Donnie and his wife, and I respect them a lot, and I know the people in New Jersey do as well.</s>WATERS: President of the United States George W. Bush in New Jersey today selling his tax and budget proposals to the joint Chambers of Commerce of New Jersey, a state the president lost in the general election -- heavily Democratic. You heard the references to Senator Robert Torricelli. The president referred to him as showing a lot of common sense. What is that all about, you ask? Well, Torricelli sits on the Senate Finance Committee. And although he has agreed with the amount -- the $1.6 trillion amount of the Bush-proposed tax cut plan -- he disagrees with the priorities in it. Torricelli would concentrate more on the $60,000-$100,000-a-year-wage-earners, to make tuition deductible, and to increase incentives for urban revitalization. So the president is spending time in New Jersey today getting his ideas across, as the Congress of the United States soon will take up the issue in the Senate of the tax reduction plan.
President Bush Addresses New Jersey Legislature