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Bush calls for economic kickstart Bush calls for economy kick-start
(20 minutes later)
President George W Bush has called for a stimulus package worth billions of dollars to prevent an economic downturn. President George W Bush has called for a special package of measures worth billions of dollars to avoid a downturn in the world's biggest economy.
He said the package would have to be big enough to make a difference to the "large and dynamic" US economy. He said the growth package would have to be big enough to make a difference to the "large and dynamic" US economy.
Mr Bush said it had to include tax incentives for US business and direct tax relief for the American people.Mr Bush said it had to include tax incentives for US business and direct tax relief for the American people.
The spending package should total at least 1% of gross domestic product, the president said. The package should total at least 1% of gross domestic product, or about $145bn (£74bn), the White House said.
White House advisers said that 1% of GDP would amount to $145bn. 'Shot in arm'
Mr Bush said the package should be "a shot in the arm to keep a fundamentally strong economy healthy". President Bush said the package should be "a shot in the arm to keep a fundamentally strong economy healthy".
"To keep our economy going and creating jobs, Congress and our administration need to work together to enact an economic growth package as soon as possible," he said."To keep our economy going and creating jobs, Congress and our administration need to work together to enact an economic growth package as soon as possible," he said.
He said he expected the economy to continue to grow, but at a slower rate than in previous years. The President said he expected the economy to continue to grow, but at a slower rate than in previous years.
A US housing market slump and problems in the financial markets have raised fears of a severe economic downturn, with some economists talking about the risk of recession.
The Bush administration has already announced measures to help homeowners struggling to make repayments on their mortgages.
Tax incentives for businesses would help them make new investments and create new jobs, while "letting Americans keep more of their money should increase consumer spending," President Bush said.
Some lawmakers and officials are pressing for a tax rebate of at least $300 per taxpayer, with some lawmakers seeking as much as $800 for per person and $1,600 for families.