US President George W. Bush will present a package of emergency measures later today intended to prevent the US economy from sliding into recession. Reportedly there will be tax rebate of up to $600 dollars presented to push the U.S. Economic growth, create more jobs and increase consumer spending.
US Federal Reserve Chairman Ben Bernanke said on Thursday he was in favour of federal measures to boost the economy. He mentioned a temporary tax cut as one of the options. Mr Bernanke also said he is considering lowering interest rates. Analysts are expecting an interest rate cut of about half a percent.
The US markets have been rocked by a series of negative economic reports. The business banks Citigroup and Merrill Lynch recently announced multi-billion euro losses as a result of the crisis in the housing market. - By Radio Netherlands
CNN reports on Bush economic package
* President Bush is set to call for a timely, simple plan during remarks Friday
* Bush won't offer details, but he favors immediate tax relief, a top aide says
* Cash should go to people who will spend it, says ex-Treasury secretary
* Bush discussed ideas with congressional leaders Thursday
FOX News on Bush Economic Package
"President Bush will say tax rebates are the best way to stimulate the economy, but will not detail how big they should be, an administration official said Friday."
The question remains, what can the consumers do with $600 extra cash to best help the U.S. Economy.
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
