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Bush signs economic stimulus plan to fend off recession

US President George W. Bush on Wednesday signed a $168 billion economic rescue package on Wednesday to fend off a possible economic recession.

“I know a lot of Americans are concerned about our economic future. Our overall economy has grown for six straight years -- but that growth has clearly slowed,” Bush admitted at a White House signing ceremony. But he hailed the cooperation between the White House and Congress, saying “We have come together on a single mission, and that is to put the people’s interest first.”

The stimulus plan was achieved after he talked with leaders of Congress in January about “whether or not we could come together to provide a booster shot for our economy -- a package that is robust, temporary, and puts money back into the hands of American workers and businesses,” Bush said. According to the stimulus package, individuals who pay income taxes would get up to $600, working couples $1,200 and those with children an additional $300 per child.

Workers, who make at least $3,000, but don’t pay taxes would get $300 rebates. The rebates were expected to cost about $100 billion and the package also includes close to $50 billion in business tax cuts. The package will inject nearly $152 billion into the economy this year and more than $16 billion next year. (