U.S. President George W. Bush said Monday the economic stimulus package passed by Congress last week will help deal with the uncertainties in the economy.
The 168 billion dollars package "means that money will be going directly to America -- workers and families and individuals," Bush said in a brief introduction to his annual economic report to Congress.
"It also means that there is incentives for American businesses," he said.
Acknowledging the economy is suffering through a period of uncertainty, Bush called on Congress to do more to help people and businesses hurt by the housing slump and credit crunch.
He urged Congress to make tax cuts enacted during his first term permanent. The tax cuts expire in 2010.
The president is expected to sign the economic stimulus package later this week. The package includes rebates of 600 dollars to 1,200 dollars to most taxpayers and 300 dollars to disabled veterans, the elderly and other low-income people.
"I am looking forward to signing it," he said.
According to the White House, the president's 2008 economic report reviews the state of the U.S. economy, the outlook for the next several years, and a wide variety of economic issues that underlie many of the administration's economic policies.
"Although real GDP growth slowed in the fourth quarter of last year, economic growth is expected to continue in 2008," said the report, which was written by the president's Council of Economic Advisers.
Most market forecasts suggest a slower pace in the first half of 2008, followed by strengthened growth in the second half of the year, it said.