John Snow, U.S. Treasury Secretary

This is a partial transcript from Your World with Neil Cavuto, April 10, 2003, that was edited for clarity. Click here for complete access to all of Neil Cavuto's CEO interviews.

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NEIL CAVUTO, HOST: Treasury Secretary John Snow making it very clear today who will reap the benefits of Iraq's oil.


JOHN SNOW, U.S. TREASURY SECRETARY: The president has made it very clear that the oil revenues belong to the Iraqi people.

CAVUTO: But those Iraqi people still owe the French and the Germans a lot of money, you know, better than $100 billion. Should they see those debts forgiven by those countries or what do you think?

SNOW: That's one of the important issues that we'll begin to address this weekend as the finance ministers of the world come to Washington for the IMF and World Bank meetings. And it is an appropriate subject to put on the table. Certainly the people of Iraq shouldn't be saddled with those debts incurred through the regime of the dictator who is now gone.

CAVUTO: So you would be an advocate for forgiving those debts?

SNOW: I'd be an advocate for a process that works those debts down, that's right. The precise way to do that I think is still to be determined, but clearly some debt relief is in order.

CAVUTO: Real quickly, sir, before I let you go, the tax cut right now, it has been halved from what the president wants. They say the dividend tax cut is a goner. Maybe he will get his way on speeding up the income tax rate reductions, what's going to happen?

SNOW: We are still pressing for the president's tax plan. It is the right tax plan. It's the right medicine. Political processes are messy. I didn't, in my private life as a corporate executive, get a chance to observe this quite the same way I do now, Neil. And it is an interesting process to observe. It's democracy at work. But I remain confident that despite the ups and downs of the budget process that we are going through now, the president's plan will emerge and we'll have a good tax plan for the American people that will put people back to work. And that's the important thing.

CAVUTO: The size that he wanted?

SNOW: Sure. We're still pressing for the president's plan because it is the right-sized plan.


CAVUTO: All right. Treasury Secretary John Snow.

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