Bush pitches $145 billion stimulus package

President Bush, saying that there are “areas of real concern,” called on Friday for a growth package worth about $145 billion to give the ailing economy a boost.

“To keep our economy growing and creating jobs, Congress and the administration need to work to enact an economic growth package as soon as possible,” said Bush, who argued that the economy still has a strong foundation.

{mosads}The president argued that such a stimulus measure should be about 1 percent of the gross domestic product (GDP), or about $145 billion, to have an impact.

“This growth package must be built on broad-based tax relief that will directly affect economic growth, and not the kind of spending projects that would have little immediate impact on our economy,” the president stated. “This growth package must be temporary and take effect right away so we can get help to our economy when it needs it most. And this growth package must not include any tax increases.”

Bush wants such a stimulus measure to increase consumer spending as well as spur business investments.

“Americans could use this money as they see fit: to help meet their monthly bills, cover higher costs at the gas pump or pay for other basic necessities,” Bush said. The president added that the relief for business owners should encourage them “to expand their operations, create new jobs and inject new energy into our economy in the process.”

The president called passage of such a measure the “most pressing economic priority.” But he added that, once the stimulus package is enacted, Congress should return to making his tax cuts permanent to take an element of uncertainty out of the economy.