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July 9, 2008 5:16:34 AM CDT

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Congress, Bush Push Stimulus Plan

Posted Jan 12, 08 8:55 AM CST in Politics    Editor's Choice

(Newser) – With Democrats and Republicans increasingly spooked about a looming recession, the two sides appear ready to work together on an economic stimulus package of about  $100 billion in tax cuts and spending, the New York Times reports. Reps. Nancy Pelosi and Harry Reid yesterday wrote to President Bush, "We want to work with you"; Bush looks poised to accept the overture.

Democrats are pushing for a package that's "temporary, timely, and targeted" to low- and middle-income Americans; Republicans will likely seek tax cuts for both individuals and corporations. Dems will want to block GOP efforts to make Bush's tax cuts permanent or repeal the estate tax; Republicans will want to forestall a spending spree.

Source New York Times

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House Speaker Nancy Pelosi of Calif. and Senate Majority Leader Harry Reid of Nev. prepare to sit down on Capitol Hill in Washington, Tuesday, Dec. 18, 2007, where the Speaker signed the Energy Independence...   (Associated Press)
President Bush stands with House Speaker Nancy Pelosi of Calif. at the Energy Department in Washington prior to signing the Energy Independence and Security Act of 2007 in this Dec. 19, 2007 file photo....   (Associated Press)
President Bush, left, and House Speaker Nancy Pelosi of Calif., right, talk in the Capitol Rotunda on Capitol Hill in Washington, Tuesday, July 17, 2007, during the Congressional Gold Medal Ceremony...   (Associated Press)
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George W. Bush  • US economy  • recession  • housing crisis  • Nancy Pelosi  • Harry Reid  • economic stimulus


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