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.)