President Bush, acknowledging the risk of recession, embraced about $145 billion worth of tax relief Friday to give the economy a “shot in the arm. ”
\nBush said such a growth package must also include tax incentives for business investment and quick tax relief for individuals. And he said that to be effective, an economic stimulus package would need to roughly represent 1 percent of the gross domestic product\u201d\u201dthe value of all U.S. goods and services and the best measure of the country’s economic standing.<\/p>\n
“There is a risk of a downturn,” the president said in his remarks at the White House.<\/p>\n
White House advisers say that in current terms, 1 percent would amount to around $145 billion, which is along the lines of what private economists say should be sufficient to help give the economy a short- term boost.<\/p>\n