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Bush Pitches $145B in Tax Relief

Stimulus plan includes business incentives, individual rebates

By Jonas Oransky,  Newser Staff

Posted Jan 18, 2008 11:54 AM CST
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(Newser) – President Bush today called for a $145 billion stimulus package to stop the economy from sliding into a recession, the Wall Street Journal reports. A bipartisan plan loaded with compromises is likely in the near future. Valued at 1% of GDP—and in line with dollar amounts suggested by the Fed—Bush’s plan includes tax relief for individuals and business incentives.

"Letting Americans keep more of their money should increase consumer spending," said Bush. Congress is expected to act quickly despite Democrats' anger over Bush's revealing his plan without seeking a compromise. Republicans will be asked to support extending jobless benefits and have apparently dropped demands for making tax cuts permanent. Democrats, who want to eliminate rebates for the wealthy, may entertain the business breaks.

President Bush, accompanied by Vice President Dick Cheney, left, makes a statement on the economy, Friday, Jan. 18, 2008, in the Roosevelt Room of the White House in Washington. (AP Photo/Ron Edmonds)
President Bush, accompanied by Vice President Dick Cheney, left, makes a statement on the economy, Friday, Jan. 18, 2008, in the Roosevelt Room of the White House in Washington. (AP Photo/Ron Edmonds)   (Associated Press)
President Bush makes a statement on the economy in the Roosevelt Room of the White House in Washington, Friday, Jan. 18, 2008. At left is Commerce secretary Carlos Gutierrez. (AP Photo/Ron Edmonds)
President Bush makes a statement on the economy in the Roosevelt Room of the White House in Washington, Friday, Jan. 18, 2008. At left is Commerce secretary Carlos Gutierrez. (AP Photo/Ron Edmonds)   (Associated Press)
President Bush makes a statement on the economy in the Roosevelt Room of the White House in Washington, Friday, Jan. 18, 2008. At right is Treasury Secretary Henry Paulson. (AP Photo/Ron Edmonds)
President Bush makes a statement on the economy in the Roosevelt Room of the White House in Washington, Friday, Jan. 18, 2008. At right is Treasury Secretary Henry Paulson. (AP Photo/Ron Edmonds)   (Associated Press)
Robert Lau watches a newscast of President Bush addressing the country's economic woes on a bank of LCD televisions at J&R Music and Computer World in New York, Friday, Jan. 18, 2008. President Bush, acknowledging the risk of recession, embraced about $145 billion worth of tax relief to give the...
Robert Lau watches a newscast of President Bush addressing the country's economic woes on a bank of LCD televisions at J&R Music and Computer World in New York, Friday, Jan. 18, 2008. President Bush,...   (Associated Press)
President Bush, accompanied by Treasury Secretary Henry Paulson, makes a statement on the economy, Friday, Jan. 18, 2008, in the Roosevelt Room of the White House in Washington. (AP Photo/Ron Edmonds)
President Bush, accompanied by Treasury Secretary Henry Paulson, makes a statement on the economy, Friday, Jan. 18, 2008, in the Roosevelt Room of the White House in Washington. (AP Photo/Ron Edmonds)   (Associated Press)
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Rightie's reaction: this could prolong recession
Townhall.com

CBO believes the plan could work
MarketWatch

 
Ben Bernanke • economic stimulus package • tax relief • compromise • George W. Bush

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