Bush is calling for $145 billion economic stimulus package.

President Bush on Friday called for about $145 billion worth of tax relief and other incentives to stimulate a sagging economy and fend off a possible recession. He said a growth package must include tax incentives for business investment and “direct and rapid” tax relief for individuals.

Bush said that to be effective, an economic stimulus package would need to roughly represent 1 percent of the gross domestic product — the value of all U.S. goods and services and the best measure of the country’s economic standing. White House advisers say that, in current terms, 1 percent would amount to around $145 billion, which is along the lines of what private economists say should be sufficient to help give the economy a short-term boost.

I kind of like him including tax relief in there. That will put the wingnuts in an interesting position. They have been complaining that we don’t need economic stimulus, yet tax cuts are part of this – and we know how they love tax cuts. So which trumps which – government bailouts or tax cuts? It should be interesting to find out.