Bush admin. plans stimulus package

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Source: CCTV.com | 01-23-2008 09:02

As the Federal Reserve cuts the key interest rate, President George W. Bush and top lawmakers are looking for a quick agreement on a plan to head off a looming US recession.

President George W. Bush and top lawmakers are looking for a quick agreement on a plan to head off a looming  US recession.(CCTV.com)

Treasury Secretary Henry Paulson is expected to discuss details with lawmakers from both parties before Tuesday's meeting between Bush and congressional leaders.

President Bush has called congressional leaders to the White House to discuss an emergency rescue package that will pump about 150 billion US dollars in tax cuts and government spending into the ailing US economy.

Speaking at the US Chamber of Commerce, Treasury Secretary Henry Paulson said Bush is prepared to draft a plan to boost the US economy.

He's optimistic Bush and congressional leaders will get a quick agreement.

Henry Paulson, US Treasury Secretary, said, "I am confident that Congress and the administration share a sense of urgency and will work together to address the economy's short term needs. I look forward to engaging intensely with the Congress to get money into our economy quickly. The US economy is resilient and diverse. It has been remarkably robust in recent years and will be so again."

Henry Paulson, US Treasury Secretary. (CCTV.com)

Paulson has also called on Congress to work with the administration to agree on a package of tax cuts, urging that "time is of the essence."

On Capitol Hill, the Director of the Congressional Budget Office told lawmakers that the risk of the US economy falling into a recession is "significantly elevated."

Peter orszag, US Congressional Budget Office Dir, said, "In terms of the risks to the real economy, again, what I would say is that the risk of recession is significantly elevated compare to normal economic conditions; monetary policy is acting aggressively to try to counter that."

Last week Bush offered the outline of a short-term economic boost, but the global economic market slump since then has raised the question of whether he's willing to expand the package.

Editor:Zhang Pengfei