What Will Bushs Cabinet Appointments Mean for the Economy and the Average American?
Aired December 20, 2000 – 4:11 p.m. ET THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED. JOIE CHEN, CNN ANCHOR: Let’s turn now to CNN’s Major Garrett, who is standing by in Austin, as the president-elect named his latest players in his Cabinet-to-be. Major, talk to us a little bit first, though, about Paul O’Neill and the role he plays. MAJOR GARRETT, CNN CORRESPONDENT: Well, it’s interesting, in that sound bite that we just ran, Joie, Paul O’Neill talked about making sure that fiscal policy and monetary policy do not, in his words, get out of kilter. Well, what that really means to the average American is he wants to make sure that the Bush administration-to-be does not create budget deficits that would take fiscal policy out of kilter. Because if that were to happen, in all likelihood, the Federal Reserve would react with higher interest rates. What he wants to do is march in lock step — if not in lock step, at least in cooperation with the Federa
