U.S. President George Bush will not press ahead with a
second economic stimulus package, despite suggestions it could stop the country
from sliding into a prolonged slowdown.
A White House spokeswoman (Dana Perino) says (Tuesday) the
president is open to all good ideas, but that officials have not seen any new
proposals that would give the economy a boost.
U.S. retails sales rose strongly earlier this year, after the U.S. issued tens
of millions of tax rebate checks to consumers.
Meanwhile, investors around the world are looking for signs more recent
measures to boost the global economy and ease stalled credit markets are
Earlier today, Japan said it is prepared to inject public funds into debt-laden
banks, while the U.S. central bank said it will start buying commercial paper
to help struggling companies.
Many companies rely on commercial paper, the written promises to repay loans,
to pay workers and buy supplies.