Bush calls for $140 bn tax relief to avert recession

By Xinhua

Washington : US President George W. Bush Friday called for more than $140 billion in tax relief to avert a possible recession.

---

Support TwoCircles

---

“The growth package must be big enough to make a difference,” Bush said at a White House announcement, urging Congress to pass a temporary package worth about 1 percent of the GDP.

Analysts say that in current terms, 1 percent of GDP would amount to more than $140 billion.

“Our economy has a solid foundation, but … there are areas of real concern,” Bush said. “My advisers and many outside experts expect that our economy will continue to grow in the coming years, but at a slower rate than we have enjoyed for the past few years.”

“And there is a risk of a downturn,” Bush also conceded in his remarks.