George Bush urges action on economic stimulus

US President George W. Bush urged the Senate to vote quickly on a White House-backed economic stimulus package and touted expanded trade as an antidote to US economic woes in a Wall Street Journal interview published yesterday.

Pointing to a Commerce Department report showing growth in the US economy slowed abruptly in the last quarter of last year, Mr Bush said: "We're obviously in a slowdown."

"The way to address the slowdown and the uncertainty as a result of the housing issue, the credit issue, and the fact that GDP (Gross Domestic Product) growth was less than one per cent in the fourth quarter, is for Congress to get a stimulus package," Mr Bush said.

"It should get money into the hands of our consumers and incentives to our business people so they will invest quickly," Mr Bush said.

He wants the Senate to accept the $146 billion economic stimulus package passed this week by the House of Representatives. The Senate Finance Committee on Wednesday approved a $157 billion package that offers smaller tax rebates to more people than the House version.

Mr Bush said expanding global trade was an important element in his administration strategy for dealing with the "short-term slowdown."

He stressed that American exporters would benefit from approval of his trade agenda, which includes proposed deals with Colombia, Panama and South Korea.

The President told the newspaper he was open to moving at the same time on legislation that would overhaul government assistance for workers who lose their jobs as a result of foreign competition.