Bush Endorses Stimulus

Updated from 11:52 a.m. EST

President Bush on Friday endorsed an economic stimulus package aimed at spurring the economy through rebates to taxpayers and tax breaks to businesses intended to move them to buy equipment.

The president said advisors and outside experts believe the economy will continue to grow, but at a slower pace than recent times and "there is a risk of a downturn." He said his administration would work with the Democrat-controlled Congress to work out a bipartisan plan on the scale of about 1% of gross domestic product.

"In a vibrant economy, markets rise and decline. We cannot change that fundamental dynamic," Bush said in his prepared remarks. "As a matter of fact, eliminating risk altogether would also eliminate the innovation and productivity that drives the creation of jobs and wealth in America. Yet there are also times when swift and temporary actions can help ensure that inevitable market adjustments do not undermine the health of the broader economy. This is such a moment." ...