posted on Feb, 27 2003 @ 08:55 PM
Bush's Senior Economic Adviser Resigns
President Bush's senior economic adviser has resigned.
The departure of Glenn Hubbard, who was chairman of the White House Council of Economic Advisers, completes a shake-up of the president's economic
The White House quickly nominated Harvard University's Gregory Mankiw, a veteran of the Reagan administration, as the replacement.
If his appointment is confirmed by the Senate, Mr Mankiw will play an important role trying to shore up support for the president's tax-cutting plan.
Mr Hubbard was a chief architect of the $695bn (£438bn) tax-cutting package proposed last month in an attempt to bolster both the economy and the
president's chances of re-election.
But the plan faces stiff opposition from Democrats and some Republicans who are worried about growing deficits at a time when the United States is
preparing for a costly war with Iraq.
Mr Hubbard is leaving just two months after the resignations of Treasury Secretary Paul O'Neill, White House economic aide Lawrence Lindsey and
Securities and Exchange Commission chairman Harvey Pitt.
In a letter to Mr Bush he said: "This decision is a difficult one, as serving you in the campaign and in this post has been the greatest honour and
privilege of my professional life, but family needs are my most significant concern."