President Bush will give the State of The Union speech next Tuesday night to both Houses of Congress--and the American people--and he does at at time when he has one of the lowest approval ratings of his presidency. So--what can he say at such a time? CNBC's John Harwood appeared on "Squawk Box" to give his preview of the speech--and he was joined in commentary with former GE CEO Jack Welch (Welch was a guest host on "Squawk"--and GE is the parent company of CNBC).
Harwood says that the speech won't be the usual laundry list of pet projects president's traditionally give in a state of the union speech. The reason? The Democrats are now in control of Congress and Bush is forced to reach out to them. In fact, Harwood says Bush is "back on his heels" when it comes to the political culture right now. Harwood says Bush will more than likely talk about immigration reform, social security, health care and climate change--issues on the front burner for most Democrats.
When it comes to health care--Harwood said Bush will probably offer tax credits to help businesses cope with the rising costs. And for social security-reports today say that Bush will delay his efforts to privatize social security--in order to balance the federal budget in five years.