The US White House and Congress reached an agreement overnight on the $150bn tax rebate aimed at reviving the ailing economy.
Under the plan, $100bn will be allocated to the public in temporary tax relief and $50bn will be available to spur business investment.
President Bush says provisional incentives will boost the US economy and encourage job creation.
“This package recognises that lowering taxes is a powerful and efficient way to help consumers and businesses,” he says.
“I have always believed that allowing people to keep more of their own money and to use it as they see fit is the best way to help our economy grow.”
President Bush says while the US economy is “structurally sound”, the challenging housing market and the impact of higher energy prices is slowing growth.
“Because the country needs this boost to the economy now, I urge the House and the Senate to enact this economic growth agreement into law as soon as possible,” he says.
“We have an opportunity to come together and take the swift, decisive action our economy urgently needs.”
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