VOA标准英语2008年-US Treasury Secretary: Economic Fundamentals ar

The Bush administration says the U.S. economy will continue to experience slow growth in the months ahead, but is fundamentally sound. VOA's Michael Bowman reports from Washington, where Treasury¹ Secretary Henry Paulson gave his assessment² of economic conditions after a week of turmoil³ in banking⁴ and mortgage sectors⁶ and wild fluctuations⁷ in oil prices.
　
Treasury Secretary Henry Paulson testifies on Capitol Hill in Washington, before the House Financial Services Committee hearing on systemic risk and the financial markets, 10 Jul 2008

Since late last year, U.S. gross domestic product has grown at a dramatically reduced pace, but managed to avert⁸ negative growth that would formally signal a recession.

Appearing on CBS' Face the Nation program, Treasury Secretary Paulson did not deny today's tough economic climate, but expressed confidence in America's long-term outlook.

"We are going through a challenging time with our economy," said Henry Paulson. "The three big issues we are facing right now are, first, the housing correction. Secondly⁹, turmoil in the financial markets, and, thirdly, the high oil prices, which are going to prolong the slowdown. But our economy has very strong long-term fundamentals."

Since experiencing a boom from 2002 to 2006, housing values have shrunk in most parts of the country. In addition, the United States has experienced a rash of home foreclosures that have shaken confidence in lending institutions. Last week, signs emerged that the fallout is affecting the viability¹⁰ of two giant government-backed mortgage institutions (Fannie Mae and Freddie Mac), while at least one private domestic bank saw panicked customers lining¹¹ up at the doors to withdraw funds.

Secretary Paulson says swift action is needed to reassure¹² capital markets and thereby¹³ provide a boost to the housing sector⁵.

"The key to getting through this tough economic period is to have the housing correction work its way through quickly, and to be able to get housing prices to stabilize," he said. "And a key there is to have buyers come into the market. And buyers need financing. So these [mortgage] institutions are very important."

The Bush administration is urging Congress to allow the federal government to purchase equity¹⁴ stakes in the troubled mortgage institutions, and to expand the federal credit lines available to them.

Regarding the public's fears of bank failures, Paulson reminded Americans that most bank accounts are federally insured up to $100,000, so any urge to suddenly withdraw funds is unwarranted.

On energy matters, the treasury secretary said high fuel costs will continue to dampen economic prospects¹⁵, and that America needs to produce more oil while consuming less. President Bush has urged Congress to authorize¹⁶ expanded drilling in waters off America's coastlines and in some ecologically-sensitive areas, such as a wildlife refuge in Alaska.
　
U.S. House of Representatives Speaker Nancy Pelosi (file photo)

But Democratic House Speaker Nancy Pelosi says additional drilling will take years to generate oil, and the added supply will only minimally¹⁷ affect gasoline prices. Speaking on CNN's Late Edition program, Pelosi said there is a more immediate¹⁸ solution: tapping into the federal government's oil stockpile, the Strategic Petroleum¹⁹ Reserve.

"What we [Democrats] are saying is, 'Mr. President, free our oil from the Strategic Petroleum Reserve.' There are over 700 million barrels of oil, and we are saying [to] take 10 percent of that, which has been paid for by the American taxpayer²⁰, and use it to put it on the market," said Nancy Pelosi.

The Strategic Petroleum Reserve was created to provide a buffer²¹ in case of a major disruption in oil supplies that threatens America's national and economic security. Pelosi says record-high oil prices amid what she termed an economic recession warrant its use.

After months of near-constant rises, oil prices fell precipitously to under $130 a barrel last week.

 

1 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

2 assessment   

n.评价；评估；对财产的估价，被估定的金额

参考例句：

• This is a very perceptive assessment of the situation.这是一个对该情况的极富洞察力的评价。
• What is your assessment of the situation?你对时局的看法如何？

3 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

4 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

5 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

6 sectors   

n.部门( sector的名词复数 )；领域；防御地区；扇形

参考例句：

• Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
• Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》

7 fluctuations   

波动，涨落，起伏( fluctuation的名词复数 )

参考例句：

• He showed the price fluctuations in a statistical table. 他用统计表显示价格的波动。
• There were so many unpredictable fluctuations on the Stock Exchange. 股票市场瞬息万变。

8 avert   

v.防止，避免；转移(目光、注意力等)

参考例句：

• He managed to avert suspicion.他设法避嫌。
• I would do what I could to avert it.我会尽力去避免发生这种情况。

9 secondly   

adv.第二，其次

参考例句：

• Secondly,use your own head and present your point of view.第二，动脑筋提出自己的见解。
• Secondly it is necessary to define the applied load.其次，需要确定所作用的载荷。

10 viability   

n.存活(能力)

参考例句：

• What is required to achieve or maintain such viability? 要达到或维持这种生存能力需要什么？
• Scientists are experimenting to find ways to ensure the viability of seeds for even longer periods of time. 正如我们所说，科学家正在试验努力寻找让种子的生命力更加延长的方法。

11 lining   

n.衬里，衬料

参考例句：

• The lining of my coat is torn.我的外套衬里破了。
• Moss makes an attractive lining to wire baskets.用苔藓垫在铁丝篮里很漂亮。

12 reassure   

v.使放心，使消除疑虑

参考例句：

• This seemed to reassure him and he continued more confidently.这似乎使他放心一点，于是他更有信心地继续说了下去。
• The airline tried to reassure the customers that the planes were safe.航空公司尽力让乘客相信飞机是安全的。

13 thereby   

adv.因此，从而

参考例句：

• I have never been to that city,,ereby I don't know much about it.我从未去过那座城市，因此对它不怎么熟悉。
• He became a British citizen,thereby gaining the right to vote.他成了英国公民，因而得到了投票权。

14 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

15 prospects   

n.希望，前途(恒为复数)

参考例句：

• There is a mood of pessimism in the company about future job prospects. 公司中有一种对工作前景悲观的情绪。
• They are less sanguine about the company's long-term prospects. 他们对公司的远景不那么乐观。

16 authorize   

v.授权，委任；批准，认可

参考例句：

• He said that he needed to get his supervisor to authorize my refund.他说必须让主管人员批准我的退款。
• Only the President could authorize the use of the atomic bomb.只有总统才能授权使用原子弹。

17 minimally   

最低限度地，最低程度地

参考例句：

• Food spoilage problems occur with minimally processed, concentrated frozen citrus products. 食品的变质也发生在轻微加工的、浓缩冷冻的柑橘制品中。
• So, minimally, they are responsible for such actions and omissions. 所以，至少来说，他们要对这样的行为和忽略负责。

18 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

19 petroleum   

n.原油，石油

参考例句：

• The Government of Iran advanced the price of petroleum last week.上星期伊朗政府提高了石油价格。
• The purpose of oil refinery is to refine crude petroleum.炼油厂的主要工作是提炼原油。

20 taxpayer   

n.纳税人

参考例句：

• The new scheme will run off with a lot of the taxpayer's money.这项新计划将用去纳税人许多钱。
• The taxpayer are unfavourably disposed towards the recent tax increase.纳税者对最近的增加税收十分反感。

21 buffer   

n.起缓冲作用的人(或物)，缓冲器；vt.缓冲

参考例句：

• A little money can be a useful buffer in time of need.在急需时，很少一点钱就能解燃眉之急。
• Romantic love will buffer you against life's hardships.浪漫的爱会减轻生活的艰辛。