President Bush has called on Congress to pass a package of tax cuts to try to stabilise the United States economy. Mr Bush said the cuts needed to be worth at least one-hundred and forty billion dollars (-- that's one percent of the gross US domestic product --) and should be directed at both consumers, to encourage spending, and at businesses, to ensure investment.
Mr Bush said the package had to be implemented swiftly to reduce the risk of a downturn in an economy damaged by falling house prices, tighter credit and inflation.
But some economists say past attempts to stimulate consumer spending through tax cuts have often failed -- as the money is saved and not spent.
Saturday, 19.January.2008
