Bush Calls for $150 Bln. Economic Stimulus Plan

President Bush proposed a growth package of as much as $150 billion Friday to counter escalating risks to an economic expansion now in its seventh year, Bloomberg reported.

After meeting with his economic advisers at the White House, the president called the plan “our most pressing economic priority,” Bloomberg said.
 
Treasury Secretary Henry Paulson said the plan would help create about a half-million jobs this year. Bush said Paulson will lead the administration’s efforts at crafting a deal with the Democratic-majority Congress, Bloomberg reported.

Bush said the package should total about 1% of gross domestic product, which was an almost $14 trillion, annualized, in the third quarter. Paulson later estimated a total package worth $140 billion to $150 billion, Bloomberg said.

The president did not offer specifics on a stimulus plan, saying he wants to reach an agreement with Congress. The administration is considering offering $800 tax rebates for individuals and $1,600 for households, Bloomberg reported.