K
Kickin' Ass and Takin' Names
Guest
WASHINGTON -- The Bush administration, faced with a deteriorating
economy and a big jump in unemployment, said Friday it was considering
an economic stimulus package that might include tax cuts to ward off a
recession.
Officials stressed that President Bush has not decided yet to offer a
proposal but was looking at various options with a plan possibly being
unveiled around the time of his Jan. 28 State of the Union address.
Bush met Friday with top economic officials including Treasury
Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, who
are part of a working group on financial markets.
The president was given an assessment of how the economy is behaving
and how financial markets are performing after the credit squeeze that
hit in August. A number of big financial institutions have declared
multibillion-dollar losses because of defaults in the subprime
mortgage market.
White House spokesman Tony Fratto said tax cuts were an option.
Bush in his first term included a tax refund of up to $300 per person
to combat the effect of the 2001 recession. Private economists said
another round would be the best approach to get money to people who
would spend it. Some suggested a one-year tax rebate of $500 might
suffice. They stressed that the proposal would have to be passed
quickly. ''The critical time is the first part of this year,'' said
David Wyss, chief economist at Standard & Poor's in New York. AP
http://www.suntimes.com/news/nation/727088,CST-NWS-bush05.article
economy and a big jump in unemployment, said Friday it was considering
an economic stimulus package that might include tax cuts to ward off a
recession.
Officials stressed that President Bush has not decided yet to offer a
proposal but was looking at various options with a plan possibly being
unveiled around the time of his Jan. 28 State of the Union address.
Bush met Friday with top economic officials including Treasury
Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, who
are part of a working group on financial markets.
The president was given an assessment of how the economy is behaving
and how financial markets are performing after the credit squeeze that
hit in August. A number of big financial institutions have declared
multibillion-dollar losses because of defaults in the subprime
mortgage market.
White House spokesman Tony Fratto said tax cuts were an option.
Bush in his first term included a tax refund of up to $300 per person
to combat the effect of the 2001 recession. Private economists said
another round would be the best approach to get money to people who
would spend it. Some suggested a one-year tax rebate of $500 might
suffice. They stressed that the proposal would have to be passed
quickly. ''The critical time is the first part of this year,'' said
David Wyss, chief economist at Standard & Poor's in New York. AP
http://www.suntimes.com/news/nation/727088,CST-NWS-bush05.article
