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Paulson Makes Push
For Stimulus Measures
By MAYA JACKSON RANDALL
January 22, 2008 8:17 a.m.
WASHINGTON -- Treasury Secretary Henry Paulson said Tuesday he is optimistic that the Bush administration can work with congressional leaders to quickly enact a temporary fiscal stimulus package this winter.
On Friday, President Bush put forward the broad outlines of a stimulus plan of around $150 billion that would include tax cuts for individuals and businesses.
"I am optimistic that we can find common ground and get this done long before winter turns to spring," Mr. Paulson said in prepared remarks Tuesday, noting that he has had very positive discussions with Republican and Democratic leaders on Capitol Hill.
Sign up for our new email of the day's Real Time Economics posts, by Greg Ip, Sudeep Reddy and the Journal's economics team. The email also includes the latest economic headlines, data and columns. Choose HTML or plain text.He added that it's important that measures meant to boost the economy be enacted very quickly.
Immediate tax relief for income taxpayers and incentives for businesses to invest and hire are often effective in creating growth and jobs in the near-term, he said.
"By working together, we can disprove the old Washington axiom that partisan politics prevents most short-term growth packages from being enacted fast enough to do any good," said Mr. Paulson. He reiterated that legislation should be "swift, robust, broad-based and temporary in order to be effective."
A package that falls short of approximating 1% of gross domestic product won't be effective, he said. "I look forward to engaging intensely with the Congress to get money into our economy quickly," he said.
Copyright © 2008 Associated Press
For Stimulus Measures
By MAYA JACKSON RANDALL
January 22, 2008 8:17 a.m.
WASHINGTON -- Treasury Secretary Henry Paulson said Tuesday he is optimistic that the Bush administration can work with congressional leaders to quickly enact a temporary fiscal stimulus package this winter.
On Friday, President Bush put forward the broad outlines of a stimulus plan of around $150 billion that would include tax cuts for individuals and businesses.
"I am optimistic that we can find common ground and get this done long before winter turns to spring," Mr. Paulson said in prepared remarks Tuesday, noting that he has had very positive discussions with Republican and Democratic leaders on Capitol Hill.
Sign up for our new email of the day's Real Time Economics posts, by Greg Ip, Sudeep Reddy and the Journal's economics team. The email also includes the latest economic headlines, data and columns. Choose HTML or plain text.He added that it's important that measures meant to boost the economy be enacted very quickly.
Immediate tax relief for income taxpayers and incentives for businesses to invest and hire are often effective in creating growth and jobs in the near-term, he said.
"By working together, we can disprove the old Washington axiom that partisan politics prevents most short-term growth packages from being enacted fast enough to do any good," said Mr. Paulson. He reiterated that legislation should be "swift, robust, broad-based and temporary in order to be effective."
A package that falls short of approximating 1% of gross domestic product won't be effective, he said. "I look forward to engaging intensely with the Congress to get money into our economy quickly," he said.
Copyright © 2008 Associated Press
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