Source Reuters
Like spending an xtra $140 billion on taxcuts etc will save the economy - what an idiot!Reuters wrote:
WASHINGTON (Reuters) - President George W. Bush on Friday called for a package of tax cuts and other measures totaling around $140 billion to shore up the fragile U.S. economy.
"This growth package must be built on broad-based tax relief that will directly affect economic growth and not the kind of spending projects that would have little immediate impact on our economy," Bush told reporters at the White House.
"This growth package must be temporary and take effect right away so we can get help to our economy when it needs it most," he said.
Amid bleak reports on retail sales and other data suggesting a possible recession, Bush and the Democratic-led Congress are negotiating to see if they can reach common ground on a plan to shore up growth.
Under consideration in the talks are ideas like tax rebates, incentives for businesses and extensions of unemployment insurance.
Bush's focus on broad tax cuts may be a sticking point in talks with Democrats who want any plan to emphasize help to low- and moderate-income families.
The two sides are still smarting over bitterly fought battles last year over the budget, health care and the Iraq war.
But there is a consensus that the economy, hit by a housing crisis, credit crunch and surging oil prices, is in need of a rescue.
Wait behind the line ..............................................................