WASHINGTON — President Bush, acknowledging that the country is suffering through a period of economic uncertainty, on Monday called on Congress to do more to help people and businesses hurt by the housing slump and credit crunch.
In a brief introduction to his annual economic report, Bush said the $168 billion economic-rescue package passed by Congress last week will keep “our economy growing and our people working.” Bush is expected this week to sign the stimulus package, which includes rebates of $600 to $1,200 to most taxpayers and $300 checks to disabled veterans, the elderly and other low-income people.
“Money will be going directly to America — workers and families and individuals,” he told reporters. “It’s going to help deal with the uncertainties in this economy.”
In addition, the package includes tax breaks for businesses and would take some steps to boost the ailing housing market. Bush said other steps need to be taken to strengthen the economy, and he exhorted Congress to make his tax cuts permanent and do more to help struggling homeowners.
Bush urged lawmakers to pass additional legislation that would revamp mortgage giants Fannie Mae and Freddie Mac and modernize the Depression-era Federal Housing Administration, which insures mortgages for low- and middle-income borrowers. The president also said Congress should approve legislation allowing state housing agencies to issue tax-free bonds to help squeezed home owners refinance their mortgages.
