Business | Economy
White House open to much larger fiscal package
President George W. Bush was open to a bigger economic stimulus than the $150 billion package he has proposed, the White House said on Tuesday as turmoil in world financial markets and fears of a recession prompted lawmakers to call for urgent action.
- Reuters
- Published: 00:06 January 24, 2008
Washington: President George W. Bush was open to a bigger economic stimulus than the $150 billion package he has proposed, the White House said on Tuesday as turmoil in world financial markets and fears of a recession prompted lawmakers to call for urgent action.
With US stock markets down following huge sell-offs in overseas markets, Bush met with Republican and Democratic leaders of Congress to discuss a fiscal stimulus package.
The plan is likely to include tax rebates, incentives for business investment and assistance for low-income people who would be hardest hit by the downturn.
"I believe we can find common ground to get something done that's big enough and effective enough so that an economy that is inherently strong gets a boost," Bush said.
The president has said he thought a plan worth one per cent of the economy size, or up to $150 billion, could give the economy a significant lift.
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