President George W. Bush, acknowledging the risk of recession, embraced about $145 billion worth of
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(18 Jan 2008) President George W. Bush, acknowledging the risk of recession, embraced about $145 billion worth of tax relief and other incentives to give the economy a boost. Bush said such a growth package must also include tax incentives for business investment and quick tax relief for individuals. The president and Congress are scrambling to take action as fears mount that a severe housing slump and painful credit crisis could cause people to close their wallets and businesses to put a lid on hiring, throwing the nation into its first recession since 2001.
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