Bush calls for economic package worth about $150B

(01/18/08) WASHINGTON (AP) - President Bush onFriday called for about $145 billion worth of tax relief to stimulate asaggingeconomy and fend off a possible recession.Bush

(01/18/08) WASHINGTON (AP) - President Bush onFriday called for about $145 billion worth of tax relief to stimulate asaggingeconomy and fend off a possible recession.

Bush said that to beeffective, an economic stimulus package would need to roughly represent1percent of the gross domestic product - the value of all U.S.goods andservices and the best measure of the country's economic standing. WhiteHouseadvisers say that, in current terms, 1 percent would amount to around$145 billion,which is along the lines of what private economists say should besufficient tohelp give the economy a short-term boost.

"Letting Americanskeep more of their money should increase consumer spending," he said.

Bush said that Congressshould work as soon as possible to send him legislation to "keep oureconomy growing and creating jobs."

The president andCongress are scrambling to take action as fears mount that a severehousingslump and painful credit crisis could cause people to close theirwallets andbusinesses to put a lid on hiring, throwing the nation into its firstrecessionsince 2001.Watch the full announcement of Bush?s economic plan

advertisement | advertise on News 12

Trending Video

Eligible Brownsville residents have until May 24 to 1 Housing lottery deadline in Brownsville quickly approaching
The Brooklyn Public Library unveiled its 2 Brooklyn Public Library gets 'wild' with new cards
3 VIDEO: Police precinct adopts cat as mascot
Two people were injured in a shooting Tuesday 4 Bed-Stuy bodega shooting injures 2 people
5 Word on the Street: Reserved mall parking

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE