More tax breaks for business? Like Halliburton?
Bush favors tax breaks in stimulus plan
Bush Wants Tax Rebates, Business Tax Breaks in Stimulus Package; Bernanke Sees Need for Aid
Staff
AP News
Jan 17, 2008 16:32 EST
President Bush told congressional leaders privately on Thursday he favors personal income tax rebates and tax breaks for businesses to help avert a recession, officials said, as Federal Reserve Chairman Ben Bernanke joined in calls for an economic stimulus package.
Bush spoke with congressional leaders as top House aides worked on an economic rescue package that included more money for food stamp recipients and the unemployed as well as tax rebates and cuts.
Officials described the developments on condition of anonymity until a formal announcement was made, and no further details were immediately available about the size of the rebates or components of the emerging package.
One official said the president did not push for a permanent extension of his 2001 and 2003 tax cuts, many of which are due to expire in 2010. That would eliminate a potential stumbling block to swift action by Congress, since most Democrats oppose making the tax cuts permanent.
Bernanke voiced support for a stimulus package in an appearance before the House Budget Committee, but said it had to be quick and temporary.
"Putting money into the hands of households and firms that would spend it in the near term" is a priority, Bernanke told the committee.
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