February 13, 2008
Bush, Congress Enjoy Feel-Good Moment
A historically unpopular president and an even more unpopular Congress came together today to remind Americans that they might not be so worthless after all.
Lawmakers squeezed around President Bush in the White House this afternoon as he signed into law a $168 billion economic stimulus package that will mean up to $1,200 in tax rebates for working couples plus $300 per child.
"A lot of folks in America probably are saying it's impossible for those of us in Washington to find common ground and reach compromise on important issues. I don't feel that way, and I know the leaders don't feel that way," Bush said, opening the signing ceremony. "As a result, we have come together on a single mission, and that is to put the people's interest first."
Lawmakers who have been highly critical of Bush's economic policies and of the stimulus bill itself, which was forged through intense negotiations and compromise, beamed in the background.
Bush thanked House leaders Nancy Pelosi and John Boehner, Senate leaders Harry Reid and Mitch McConnell, and Treasury Secretary Henry Paulson, who negotiated on behalf of the White House and "earned his pay," Bush quipped.
The package also includes tax breaks so businesses can keep making equipment purchases, as well as looser regulations on higher-cap loans from Freddie Mac and Fannie Mae. The bill, approximately equal to 1 percent of the GDP, would be "a booster shot for the economy," Bush said.
"The members resisted the temptation to load up this bill with unrelated programs or unnecessary spending, and I appreciate that," Bush continued. He asked Congress to move quickly on other economic legislation, including a bill that would reform Fannie/Freddie and another that would allow state housing agencies to issue tax-exempt bonds.
Economists are largely bearish on legislative stimulus bills, because the lag between legislation and action is often too long to effectively jump-start sluggish economies. But with nearly seven in 10 Americans in a recent AP/Ipsos survey [PDF] disapproving of the way Bush is handling the economy, the administration was forced to respond, or at least appear to respond, to growing economic concerns.
The Bush administration has been working with the IRS to ensure the rebate checks go out as soon as possible. Americans should start receiving them by early summer.
Posted at 3:05 PM
Posted to:
Bush Administration, Congress, Economy, President Bush, Taxes
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