President George W. Bush today unveiled a $674-billion stimulus proposal to make the ailing US economy "healthy and vigorous," and he rejected charges the plan favours the wealthiest.
"We cannot be satisfied until every part of our economy is healthy and vigorous. We will not rest until every business has a chance to grow and every person who wants to find work can find a job," he said in a speech in Chicago.
Opposition Democrats have pushed a competing $136-billion plan they say will be a boon to the have-nots, while tarring Mr Bush's plan as a sop to the wealthy and a ploy to bolster his 2004 re-election efforts.
The 10-year plan, which calls for eliminating the taxes paid on dividends by shareholders, will create 2.1 million jobs and give some 92 million taxpayers an average tax cut of $1,083 in 2003, the White House said.
The dividend tax cut will reach some 35 million shareholding households, with half of the benefits going to the elderly - a crucial voting bloc.
AFP