President Bush has outlined what he calls a "growth and jobs" plan to make the U-S economy healthy and vigorous.
Speaking at the Economic Club of Chicago (today/Tuesday), President Bush says he wants to abolish taxes on stock dividends, and make immediate other sweeping tax reductions. He says lower taxes will drive up consumer spending, boost economic recovery and help create jobs.
If Congress passes his new plan, President Bush says 92 million taxpayers would get an average tax cut of more than one-thousand dollars this year.
Bush administration officials say the 10-year stimulus plan has more than 670-billion dollars in tax cuts. It would also provide up to three-thousand dollars each to millions of unemployed Americans to help them find new jobs. Mr. Bush called these personal "re-employment accounts" which will be coordinated by state governments.
For the last three years, the U-S economy has been marked by slow growth, slumping stock prices, higher unemployment and corporate scandals.
Democratic Senate Minority Leader Tom Daschle says he believes the Bush plan is "a shot in the foot" with misguided policies geared to help the rich.
Opposition Democrats made their own economic stimulus proposal Monday. They are calling for a smaller, 136-billion dollar package party leaders say would have a more immediate effect on the economy, and focus more on job creation.
The competing plans set the stage for a debate in Congress over how to stimulate the economy.The battle will also likely foreshadow campaign themes in the 2004 presidential race.