The White House said that the economic stimulus package would be effective enough to ensure that American economy does not bear the brunt of more economic woes.
WASHINGTON: The White House on Wednesday said that the economic stimulus package would be effective enough to ensure that American economy does not bear the brunt of more economic woes from workers and small businesses.
The White House is working on about a USD$150 billions package or one per cent of the GDP, which is yet to be agreed upon with the Congress. The details of the stimulus package are still being worked out with the Secretary of Treasury Henry Paulson handling it for the US administration, White House press secretary Dana Perino said in a briefing.
"The President set out his principles last Friday, and a package needs to meet those principles, meaning that it needs to be swift, robust, broad-based, temporary and simple, among some other adjectives," she added.
"But besides these principles, there are lots of details that will be negotiated. And also, some members on Capitol Hill want to add the items that you mentioned... But I'm not going to comment on what will be in or out," Perino said.
"...The President respects the process enough to give Secretary Paulson the leeway he needs so that people aren't negotiating outside of his process...it's also true that when the President says that he's looking for a package of about 1 per cent of GDP, that's about the largest package that's being talked about out there.
So, while the President is waiting to talk about more of the details, the size of the package is going to have to be worked out," Perino said.
Perino said the President wants to make sure that the government does something quickly enough so that it makes an impact this year. "...that's going to include tax relief for consumers and incentives for businesses. At the end of the day, what all that looks like, we're going to have to just wait and see" the spokesperson said.
"... we don't comment on the daily fluctuation of the markets. And there are lots of reasons for those investments. And the purpose of the President's plan is to help Americans, not to just help the market.
"But certainly, the President is being made aware of the developments in the global market," Perino said.
"...the President's advisers are advising him that they are not forecasting a recession. But, certainly, there's been a slowdown in the economy," she added.
She said the government is working on plans so that it can keep the economy and jobs growing.
"The economic advisers believe that the fundamentals of the economy are healthy, but that, in the short run, we were facing a potential downturn."
"And so, in order to avoid that potential downturn in the short term, this is why the President wants to do a growth economic package, or economic growth package."
"And the members of Capitol Hill are certainly hearing the same from their advisers, which is why I believe there's consensus to get something done," Perino said.
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