Bush signs economic stimulus package

Seeking to give a "booster shot" to the ailing US economy, President George W Bush has signed a legislation that will put more than $152 billion into the pockets Americans.

Under the Economic Stimulus Act of 2008, rebate cheques to more than 130 million taxpayers and low-income groups will go out beginning May, and businesses would get tax breaks for investing in new plants and equipment.

"I know a lot of Americans are concerned about our economic future. Our overall economy has grown for six straight years - but that growth has clearly slowed," Bush said yesterday.

Showing bipartisanship in the face of a looming recession, the Democratic-controlled Congress swiftly approved the measure within weeks.

And Bush said the bill proved "we could come together to provide a booster shot for our economy -- a package that is robust, temporary, and puts money back into the hands of American workers and businesses."

"Helping our economy requires us to take action, it is equally important that we not overreact. Our economic success is not the result of the wisdom of politicians in Washington, D.C. - but of the collective wisdom of the American people," Bush said during a signing ceremony at the White House.

The president said that over the past seven years, the economy had absorbed shocks such as recession, corporate scandals, terrorist attacks, global war, and it was capable of emerging "even stronger".

Reporting by Sridhar Krishnaswami