BusinessCompany NewsBush’s $600bn spending plans under fire

Bush's $600bn spending plans under fire

The Democratic Party has come out strongly against president George Bush's economic revival plans, saying they favour the rich and are irresponsible.

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Bush is set to pledge an economic stimulus package expected to concentrate on tax cuts for investors, to boost the stock market, as well as help for struggling states, offering them $10bn in ‘fiscal relief’.

This will be part of a $600bn (£373bn) economic spending plan for the next ten years.

Yesterday the president said: ‘We want to encourage investment activity. Investment means jobs.’

Democrats claimed Bush had designed a package that would help the wealthy and called it ‘financially irresponsible’.

John Spratt, a Democrat from South Carolina, said his party had designed a package that would deliver better and faster results.

The Democrats propose a $136bn injection into the economy through tax rebates this year, along with extended benefits to the unemployed.

‘We have a theme to this package. It is short term stimulus, long term balance,’ Spratt said.

However, given that the Republicans control both the Senate and the White House, the Democrats plans are unlikely to have any influence.

Bush is set to announce his economic package this evening.

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