Let economic stimulus plan sail through swiftly – Bush to Congress
2008-01-29 15:06:07 (GMT) (Caymanmama.com - Business Government News)NEW YORK - Citing concerns regarding the economic future of the country, President Bush on Monday appealed for a swift approval of the $150 billion program that has been intended to counteract against the slow growth of the economy.
Bush, while delivering his final and seventh State of the Union address, talked about the economic agenda that would be followed until his last office year is ended. However, no latest economic proposals have been suggested.
Permanent tax cuts, correcting the housing crisis, and dwindling of government spending along with supporting efforts so as to reduce the expenditure for medical care and health insurance are the things that have been listed on the priority list by the President for this year.
Bush recommended Congress to pass the economic stimulus plan. This program that brokered among the administration and House leaders last week is not being resisted in Senate as now the lawmakers have to make their affirmation on it.
“The temptation will be to load up the bill. That would delay it or derail it, and neither option is acceptable. This is a good agreement that will keep our economy growing and our people working.” the President said.
One-time tax rebates extended for the households with low and middle income along with transitory tax-breaks in businesses. It also has measures to help homeowners in getting or refinancing mortgages.
There are critics to this plan as well. “It is ridiculous for the administration to claim that the stimulus package [will] create more than half a million jobs by the end of 2008. If that was true, why wouldn’t the government just mail $100 billion in ‘rebates’ to Americans every year?” said Chris Edwards, who is a director of the studies of tax policy at libertarian Cato Institute.
CaymanMama.com - Press Release Distribution Service
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