President Bush Calls For $150 Billion Tax Relief For Consumers And Business
By Mar Celo on Jan 18, 2008 in US News | | |
President Bush said earlier today that he is hoping for up to $150 billion in tax relief for consumers and business and soon as possible due to the recession fears that are rising.
Bush is urging congressional leaders already to work on an economic rescue package that would include extra money for food stamps and jobless benefits in addition to tax rebates of hundreds of dollars each for millions of Americans.Bush said:
“I believe we can come together on a growth package very quickly, and we’re going to need to,”
Wall Street remained skeptical. The Dow Jones industrial average dropped 59.91 points after plummeting 306 points a day earlier.
Bush added that the rescue effort should be both quick and temporary, a one-time boost for a national economy that is in danger of sliding into the first recession since 2001 if it hasn’t already edged across that line.
Back in 2001, he added refunds of up to $300 per individual and $600 per household as a recession-fighting element of the tax cut plan that had been the centerpiece of his 2000 campaign.
