Bush, Congress discuss $150 billion lift to economy

Tumbleweed · Black Ops Joined: 02 Jul 2007 Posts: 3687 votes: 3

A short term solution to a long term problem.

WASHINGTON (Reuters) - President George W. Bush told lawmakers on Thursday he wants tax rebates for families and breaks for businesses in a rescue plan for the struggling U.S. economy that could total up to $150 billion.

Amid worries that the United States may already be in a recession, Bush held a private conference call with leaders of the Democratic-led Congress and their Republican counterparts.

A delicate set of negotiations took place and the president shifted gears from his initial plan to outline an economic stimulus plan on his own. Instead, he agreed to hammer out the details of the package in collaboration with legislators, congressional sources said.

"In the next few days, through ongoing bipartisan negotiations, we are hopeful that we will agree on legislation that provides timely, targeted, and temporary assistance to America's middle class," House of Representatives Speaker Nancy Pelosi said in a statement.

Under discussion is a total package of $150 billion that would include both tax breaks and some spending, such as help for the unemployed, according to sources familiar with the matter who spoke on condition of anonymity.

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Tumbleweed · Black Ops Joined: 02 Jul 2007 Posts: 3687 votes: 3

Looks like Wall Street isn't buying his plan. It continued to drop the moment his plan was out of his mouth. Laughing

Wall Street falls in afternoon trade

NEW YORK - Wall Street extended its decline Friday as skittish investors unable to hold on to much optimism about the economy drew little comfort from President Bush's stimulus plan.

Investors pulled back from a big early advance, with the major indexes trading mixed as Bush began to speak. By the time the president finished announcing a plan for about $145 billion worth of tax relief, the indexes were well into negative territory.

"It's disappointed in the size of the economic growth package. Wall Street's showing its displeasure," said Kim Caughey, equity research analyst at Fort Pitt Capital Group in Pittsburgh. "Honestly, I think the institutional investors understand the limits to the government's ability to enact economic change."

The Dow Jones industrial average, up more than 180 points in morning trading, in late afternoon was down 128.92, or 1.06 percent, at 12,030.29. The Dow plunged 306 points Thursday amid deepening pessimism about the economy.

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CHUQ · Posted: Sat Jan 19, 2008 2:46 am Post subject:

It may be better if the Congress approves this paln quickly.
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Tumbleweed · Black Ops Joined: 02 Jul 2007 Posts: 3687 votes: 3

Unless they change lending practices and tighten credit nothing will change.

CHUQ · Posted: Sun Jan 20, 2008 4:00 am Post subject:

True, but the financial markets have an abundant of clout with Washington. I do not think anything that would slow their profits would be considered.
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Tumbleweed · Black Ops Joined: 02 Jul 2007 Posts: 3687 votes: 3

Oh well, let the recession begin. Laughing

CHUQ · Posted: Mon Jan 21, 2008 2:27 am Post subject:

For me it started about a year ago.
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Tumbleweed · Black Ops Joined: 02 Jul 2007 Posts: 3687 votes: 3

The markets will be interesting to follow tomorrow after the world markets took a downturn over this latest plan.