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Headline: President Bush Backs Economic Stimulus Package

In a speech from the White House this morning, President Bush proposed $145 billion in tax relief. According to insiders, individuals might receive rebates of $800 and families, $1600. This proposal follows Federal Reserve Board Chairman Ben Bernanke's testimony yesterday, calling for temporary measures to stimulate the economy. Bush echoed the chairman's sentiments saying that the relief should be temporary, but take effect right away. Aiming to bolster both business expansion and consumer spending, Bush said, "this growth package must be big enough to make a difference in an economy as large and dynamic as ours, which means it should be about 1 percent of GDP."
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