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Bush urges Congress to adopt economic stimulus package

10 hours ago

WHITE SULPHUR SPRINGS, West Virginia (AFP) — President George W. Bush on Friday urged Congress to approve "as soon as possible" an economic stimulus plan of some 150 billion dollars negotiated with congressional leaders aimed at avoiding a recession.

Bush spoke one day after the White House and leaders of the opposition-controlled House of Representatives struck a deal on a series of measures, mainly tax cuts and rebates, to quickly stimulate the sagging economy.

The plan, a rare agreement between the Republican president and the Democratic-controlled Congress, still needs approval in the Senate, where leaders said the plan may be discussed next week.

"This bill is important to the security of the United States of America, and the Congress needs to get a good bill to my desk as soon as possible," said Bush, speaking at a political event in this West Virginian town.

"I understand the desire to add provisions from both the right and the left," he said, adding: "I strongly believe it would be a mistake to delay or derail this bill," he said.

Some Senate Democrats have criticized Speaker of the House Nancy Pelosi for failing to include an increase in issues such as unemployment benefits and infrastructure investment in the deal.

Any new provisions could delay approval of the passage since an identical bill must win passage in both the House and the Senate.

"It's a sound package," said Bush, addressing Congress in his speech. "It makes a lot of sense. It's needed, and you need to pass it as quickly as possible to get money in the hands of the people who are going to help this economy stay strong."

Congressional officials said tax-rebate checks would be mailed out in the coming weeks to 117 million families under the plan. Most single taxpayers would get up to 600 dollars and married couples up to 1,200 dollars, plus 300 dollars per child.

Certain low-income people who earn below the threshold for paying taxes would also get a rebate of at least 300 dollars under the plan. Congressional officials said the provision would help 35 million working families.

The package also includes a series of mortgage market reforms aimed at easing the housing crunch. One measure would increase the cap on loans that can be purchased by government-sponsored entities like Fannie Mae and Freddie Mac to 625,500 dollars from 417,000, aimed at unfreezing the market for so-called jumbo loans.