United States President George W Bush has urged Congress to approve "as soon as possible" an economic stimulus plan, after his administration and the House of Representatives announced a deal on the package overnight.
"Because the country needs this boost to the economy now, I urge the House and the Senate to enact this economic growth agreement into law as soon as possible," Mr Bush said.
The White House and House leaders struck a deal on Thursday (local time) on an economic stimulus plan aimed at reviving flagging growth that will include cheques sent out to 117 million US families.
The bipartisan plan developed in the past week is aimed at staving off recession with tax rebates and other measures.
The deal provides for tax rebates of up to $US600 for individuals and $US1,200 for married couples along with tax breaks for business investment.
In addition to tax breaks for individuals and businesses, the plan also includes provisions aimed at shoring up the battered housing market by boosting the limits on the size of mortgages that can be financed by housing giants Fannie Mae and Freddie Mac.
"I'm pleased that this agreement meets the criterion that I set forth last week to provide an effective, robust and temporary set of incentives that will boost our economy and encourage job creation," Mr Bush told reporters at the White House.
"This package has the right set of policies and is the right size. The incentives in this package will lead to higher consumer spending and increased business investment this year."
Mr Bush acknowledged Americans' concern about the economy but insisted it was structurally capable of overcoming the "short-term disruptions in the housing market and the impact of higher energy prices."
"These challenges are slowing growth.
"Yet Americans can also be confident about our long-term outlook.
"Our economy is strong, it is dynamic and it is resilient."
Source: By Australian Broadcasting Corporation
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
