White House, Congress Mull Economic Stimulus
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Newfound alliance nears agreement on tentative plan aimed at reinvigorating battered economy, moving at a pace that alarms some legislators.
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The US Congress on Thursday overwhelmingly approved a giant economic stimulus plan sought by the White House amid mounting fears that the world's biggest economy could be sliding into a recession.
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Treasury Secretary Henry Paulson said on Monday the Bush administration was considering how to give the economy a boost as it weathers a housing correction, but didn't want to rush.
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The White House and congressional leaders struggled yesterday to preserve their newfound alliance on the economy in the face of revolts in both parties over the shape of a potential stimulus package and of debates over issues such as health care and warrantless surveillance.
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Treasury Secretary Henry Paulson  said on Monday the Bush administration was considering how to  give the economy a boost as it weathers a housing correction,  but does not want to rush.
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Amid growing worries about a  worsening of the U.S. economy, Democratic presidential  candidate Barack Obama proposed a $75 billion economic stimulus  plan on Sunday that includes worker tax credits, a one-time  pension supplement and help to homeowners facing foreclosure.
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The stimulus package being hashed out between Congress and the White House, along with the Fedâs recent rate cut, should give a modest boost to the U.S. economy by mid-2008, the I.M.F. said.
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Top House leaders discussed plans for tax rebates, breaks for business and additional food stamp and unemployment insurance benefits as President Bush and Federal Reserve Chairman Ben Bernanke voiced support for steps to avert a recession.
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The White House said Tuesday it was not predicting a recession in the United States and but that it was open to a larger stimulus package than its proposed 140-150 billion dollar boost.
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Economic stimulus proposals favored by Democrats, including tax rebates, extended unemployment benefits and a temporary increase in food stamps are cost-effective ways for Congress to try to boost the economy, the Congressional Budget Office said Tuesday.
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U.S. President George W. Bush predicted on Tuesday that a deal could be reached with the U.S. Congress soon on a fiscal stimulus package and said it was needed to deal with "uncertainty" in the economic outlook.
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Amid growing worries about a worsening of the U.S. economy, Democratic presidential candidate Barack Obama proposed a $75 billion economic stimulus plan on Sunday that includes worker tax credits, a one-time pension supplement and help to homeowners facing foreclosure.
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U.S. President George W. Bush's fiscal 2009 budget proposal released on Monday takes into account that the U.S. economy is facing a slowdown, the White House said.
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Democratic leaders in the U.S. House of Representatives on Tuesday began laying the groundwork for an economic stimulus plan of about $100 billion that likely will include tax rebates to help stave off a possible recession.
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President Bush is putting together his first public call for an emergency fiscal stimulus bill while negotiations on Capitol Hill focus on rebates for taxpayers and other steps to jump-start the sagging economy
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President Bush has decided that an economic stimulus package is needed to help the sagging economy, the White House said Thursday
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The ritual pledges of political cooperation are in place. Now the challenge for a lame duck Bush administration and an election-year Congress is to agree swiftly on an economic stimulus plan.