Bush Urges Perseverance on Economy [View All]

[Hissyspit]

Source: Associated Press

Bush urges perseverance on economy
By TERENCE HUNT, AP White House Correspondent

WASHINGTON - President Bush, standing before Congress one last time, urged the nation Monday night to stay confident against gnawing recession fears and be patient with the grinding war in Iraq. "We can all see the economy is slowing," Bush in a blunt acknowledgment of rising food and gas prices, increasing unemployment and turmoil in the housing and financial markets.

"We have unfinished business before us, and the American people expect us to get it done," Bush declared. It was his final State of the Union address and he faced a hostile, Democratic-led Congress eager for the end of his term next January.

With his approval rating near its all-time low, Bush lacked the political clout to push bold ideas and he didn't try. He called on lawmakers to urgently approve a $150 billion plan — worked out with House leaders — to stave off recession through tax rebates for families and incentives for businesses to invest in new plants and equipment.

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Senate Democrats want to expand the economic rescue plan with rebates for senior citizens living off Social Security and extensions of unemployment benefits for the jobless. Bush said those changes "would delay it or derail it and neither option is acceptable."

Read more: http://news.yahoo.com/s/ap/20080129/ap_on_go_pr_wh/state_of_union