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
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)
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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.