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Bush tries to bump economy to avoid recession

According to a speech made on Friday, President Bush says that the US Economy needs "a shot in the arm" to move it back into a more positive state. To do this, he proposes huge package that would pump $140 to $150 billion into the economy. The size would be a necessary and just 1 per cent of the US gross domestic product.

The package would provide for help for US business as well as a direct payout to American citizens in an effort to stimulate the country's economy. Some speculation says that payouts would amount to $300 to $800 per person, or $1600 per family, though these details were still being worked out.

The speech was designed to encourage Congress to work on a bipartisan level to get the measure passed as quickly as possible. In his speech, President Bush said, "To keep our economy going and creating jobs, Congress and our administration need to work together to enact an economic growth package as soon as possible."

Many countries are looking to the US to "fix" the fear of recession as a way of avoiding a global crisis. The housing slump, credit crunch and the overall economic falling in the US has greatly affected economies around the world.

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