President Bush expected to call for boost for the economy later today

WASHINGTON (AP) -- President Bush today is announcing his plan for emergency action to stimulate the economy and head off a recession.

His comments are expected midday at the White House and follow economic discussions yesterday with members of Congress.

Word from Capitol Hill is that the president favors $800 tax rebates for individuals and $1600 for married couples. Lawmakers are said to be leaning toward $500 rebates, with additional help for families still being negotiated.

Tax rebates would likely be limited to individuals with annual incomes under $85,000 and couples who make less than $110,000 a year.

The White House says President Bush will insist that any package be effective, simple and temporary.

Federal Reserve Chairman Ben Bernanke is also getting behind a temporary economic boost. And he says Congress should act quickly for it to be effective.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


6450 Papermill Drive Knoxville, TN 37919 Phone - (865) 450-8888; Fax - (865) 450-8869
Copyright © 2015 WVLT-TV Inc. - Designed by Gray Digital Media - Powered by Clickability 13892092 -
Gray Television, Inc.