Rising Foreclosures Force Bush to Call for $145 Billion Stimulus Plan
With foreclosures helping to push the economy to the brink of recession, President George W. Bush unveiled a $145 billion economic stimulus plan today that includes tax relief for individuals and tax incentives for businesses. President Bush, acknowledging the risk of recession, embraced a sweeping tax relief plan to give the economy a “shot in the arm.”
President Bush didn’t reveal specific components of the plan, but The Wall Street Journal claims that it includes tax relief for individuals — probably to come in the form of one-time $800 rebate for individuals and $1,600 for households. Moreover, the plan could include tax breaks for businesses, including small companies, to make new and major investments this year.
“We’re in the midst of a challenging period, and I know Americans are concerned about our economic future,” said Bush in a prepared statement.
But as the shadow of recession spreads across the country, views are mixed on whether an economic stimulus plan will avoid a recession.
Do you think a recession is coming (or already here)? Will foreclosures drive the economy into a recession?