Bush and Congress Agree on Economic Stimulus Plan

President Bush and congressional leaders agreed today on a $150 billion package of tax rebates and business incentives designed to combat threats of a recession.

The deal with provide tax rebates of up to $600 per individuals and $1,200 for married couples. In addition families with children would receive an additional $300 per child.  The package includes incentives for businesses to make new equipment purchases and other investments. Businesses would be able to immediately deduct 50 percent of the costs. Small businesses would be able to immediately write off up to $250,000 in purchases.

“This agreement was the result of intensive discussions and many phone calls, late-night meetings and the kind of cooperation that some predicted was not possible here in Washington,” Bush told reporters.

This new legislation is intended to further reduce stress on the economy along with the previous .75 percent rate cut the Federal Reserve issued earlier this week.

To read more about Bush, congress strike deal on economic plan head on over to Reuters.