Concerns about the economy are growing across the nation. Worries about a recession continue as mortgage defaults grow, amid the stock market gyrations and as politicians talk about economic stimulus.
The Federal Reserve on Tuesday dramatically cut its target interest rate by three-quarters of a percentage point to 3.5, the lowest since September 2005. It was the Fed's greatest interest rate cut in 18 years.
In recent weeks, every presidential candidate has announced his or her own ideas to fight the pending recession.
President Bush and leaders of Congress are moving with remarkable speed to discuss a package of tax cuts and spending increases. They are near agreement on a stimulus plan of about $150 billion, including tax rebates, business write-offs and additional benefits for the poor and unemployed.
We hope Bush and Congress can come to an agreement quickly and implement the stimulus plan by mid-2008. Even if the agreement is reached this week, it will take the Internal Revenue Service until May or June to send out rebate checks.
