WASHINGTON — President Bush is putting together his first public call for an emergency fiscal stimulus bill while negotiations on Capitol Hill focus on rebates for taxpayers and other steps to jump-start the sagging economy.
Bush planned to lay out his position Friday, but he wasn't expected to go into specifics. Press secretary Dana Perino said Bush would demand that any package be effective, simple and temporary — mirroring calls by Democratic lawmakers for a "timely, targeted and temporary" stimulus measure.
Taxpayers could receive rebates of up to $800 for individuals and $1,600 for married couples under a White House plan. Although lawmakers were considering smaller rebate checks and more money for food stamp recipients and the unemployed, Bush told congressional leaders that he favors income tax rebates for people and tax breaks for business investment.
Federal Reserve Chairman Ben Bernanke entered the stimulus debate Thursday, endorsing the idea of putting money into the hands of those who would spend it quickly and boost the flagging economy.
The scramble to take action came as fears mounted that a severe housing slump and a painful credit crisis could cause people to clamp down on their spending and businesses to put a lid on hiring, throwing the country into its first recession since 2001.
Of course, the political officials will try and portray this a the government giving us money, but in fact anything we get was ours to start with before the government took it from us. As far as I'm concerned, they're welcome to give it all back.
There's a risk, of course, in doing this. The goal of putting money into people's hands is to have them spend it and stir up the economy. However, many people will simply take the money and pay down debt. It will help them personally, but won't do anything to perk up the overall economy.
The battle in Washington now will be how much and who gets the credit.
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