Reuters
Tuesday, December 17, 2002; 12:45 PM
The White House voiced support on Tuesday for a strong dollar, saying U.S. policy was unchanged following a major reshuffling of President Bush's economic team.
The dollar slid to new three-year lows against the euro and fresh one-month lows versus the yen on Tuesday as worries about a war with Iraq mounted.
"Our policy is unchanged. We support a strong dollar and believe that growth policies lead to a strong dollar," White House spokeswoman Claire Buchan said.
Bush is expected to propose an economic stimulus package early next year totaling up to $300 billion, including tax breaks for corporations and individuals, hoping to reinvigorate the ailing U.S. economy and stock market before his 2004 re-election campaign.
In the past week Bush has named cargo rail company CSX Corp. Chairman John Snow as treasury secretary, former Goldman Sachs chief Stephen Friedman as top White House economic adviser, and investment banker William Donaldson as the new chairman of the Securities and Exchange Commission.
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