Bush Pitches $145B in Tax Relief

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.