The President speaks with Cheney looking over his shoulder. Bush claims that the economy is still growing although there is a indication that it is slowing in growth.
Economic growth package must be enacted as soon as possible, must be big enough to make a difference, 1% of GDP. It must directly affect economic growth. It must be temporary but effective right away. No tax increases. Tax incentives to big and small businesses to create business growth. Direct and rapid income tax rebates are needed to meet the needs of the American people.
Passing the new growth package is the most important issue on the table. The current tax relief package is set to expire in three years. According to the President, Congress has a responsibility to make the tax relief permanent.
The economic growth package is a temporary shot in the arm to help keep the housing market from affecting the rest of the economy.
And, that was it. Nothing specific was said. So, I guess we know that someone told him that we are on the brink of (sinking in) recession.
It will be interesting to see how Congress replies. The Devil will be in the details, according to Charles Gibson, ABC News.
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