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This is the VOA Special English Economics Report
Last Friday, President Bush called for an economic growth package, a plan to give a quick short of energy to the slowing American economy. Now the administration has an agreement with Democratic and Republican leaders in the House of Representatives. President Bush called the 150 billion dollar deal reach Thursday the right sets of polices and the right sides, he urged Congress to pass it as soon as possible, saying the economy urgently needs action, he said the plan would lead to higher consumer spending and increased business investment this year.
The majors must be approved by the House and Senate and signed into law by the President, there are three parts to the plan. First it will give money in the form of tax rebates to middle-class Americans in hopes they will spend it, individuals could receive up to 600 dollars, married couples could get up to twice that, families with children would get extra money, money could also go to millions who do not earn enough to pay taxes.
Secondly, the plan aims to create jobs through tax breaks for business investment, and thirdly it sets to strain the housing market, the plan would raise limits on the sides of house loans that can be purgest by mortagage financers F** and F**, this would lower interest rates on those loans. House speaker Ade N** said the majors are timely, targeted and temprory, the three goals for an economics * package.
She was not totally pleased with the compromise deal, but says it will help the economy, if it does not, she added, they will be more to come. Speaker * said house leaders will bring the bill for a vote at the earliest date, the senate though may try to expand the package. Many economists worry that the world’s largest economy will enter or already entered a recession.
On Tuesday, the Federal Reserve moved to help calm financial markets in the United States and around the world. The federal open market committee cut the federal funs rate by 75 bases points, a week before it planed to meet. The MUFE brought the rate that banks charge each other to borrow money over night to 3.5%, this was the first time the committee has cut rates between meetings since after the September 11th terrorists attacks in 2001, and it may cut rates further when it meets next week.
And that’s the VOA Special English Economics Report, I’m Steve Ember.
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