US President George W. Bush urged Congress on Saturday to act without delay on his economic stimulus package and make temporary tax cuts passed earlier in his administration permanent. "Passing a new growth package is our most pressing economic priority," Bush said in his weekly radio address.
On Friday, the president unveiled a stimulus plan worth around 140 billion dollars to revive a US economy that some fear is on the brink of recession. But Bush also called on Congress to complement this step with quick action on a range of temporary tax cuts, passed mostly in his first term, that are due to expire at the end of the decade. He warned that unless Congress acts, the marriage penalty and death taxes will make a comeback, the child tax credit will be cut in half and tax rates will go up on regular income, capital gains and dividends.
"This tax increase would put jobs and economic growth at risk," the president said. "So it is critical that Congress make this tax relief permanent." Democrats on Capitol Hill have criticised Bush's tax cuts as give-aways for the rich.
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