WASHINGTON — President Bush acknowledged that the economy is weakening, but expressed hope that tax rebates that start going out on Monday should help shore things up.
"This money is going to help Americans offset the high prices we’re seeing at the gas pump, at the grocery store, and will also give our economy a boost to help us pull out of this economic slowdown," he said today in brief remarks at the White House.
The rebates range from $300 to $1,200 and are the centerpiece of the government’s $168 billion stimulus package, enacted in February, to brace the teetering economy. Roughly 130 million households are expected to get them. The Bush administration is hoping that people will spend the money, helping to bolster the economy.
The IRS says the first direct deposits of rebates will begin Monday, with paper checks to follow starting next month.
"Obviously our economy is in a slowdown," Bush said.
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Earlier this week, the president denied the nation was in a recession, instead saying, "We are in a slowdown." But many economists believe the economy may already be in a recession.
