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US yet to finalise economic plan
WASHINGTON. Dec 28: As President Bush left this week for a short weekend holiday and a lengthy Asian tour, his administration was still debating how to rescue the US economy In the new year, reports Reuter.
Stunned by the economy's weakness and the resulting drop in his own popularity, Bush last month promised the American people he would offer some fiscal medicine for their economic ailments in his state of the union address tn January
But over a month later, he and his advisers still have not made the final decisions on the substance, timing and tactics of the president s economic Initiatives
Bush, who left town Eriday until January 10, will be mulling over options on the road, but he also left his Chief of Staff Sam Skinner in Washington lo work on the problem.
Among the undecided issues are whether lo propose a tax cut for the middle class. But dUk ences have also sur faced on how soon Bush s proposals should be unveiled, and to what extent they should be coordinated with leaders of the democratic-dominated Congress
'It s basically been the political people versus the substance people in the administration." said one official, describing the division among Bush s top advisers
He said the "political pro P« hed an eye on the 1992 campaign Mid urged Bush to propose an economic stimulus
package quickly — even before the State of the Union Address, scheduled for January 28,
The substance people are worried that too much fiscal stimulus In the form of tax cuts now could rove inflationary II the economy recovers on its own steam, said the official, who counted himself tn this category
We’d like to wait till the end of January to see whether the economy improves. But the political people don't care whether we Juice up the economy loo much or not. he said.
Officials on the opposing side of the argument describe ft as one between those who think the government should help the economy and those who prefer to let it recover on Its own steam, leaving the stimulus job to interest rale cuts by the federal reserve board.
They say conservatives like Vice President Dan Quayle and Housing and Urban Development Secretary Jackkemp favour fast action white moderates like Treasury Secretary Nicholas Brady and Budget Director Richard Darman arc more cautious.
'Kemp's group believes action is necessary and should be taken as soon as possible." said Tony Blankely. spokesman for House Republication Whip Newt Gingrich, a Georgia Conservative who has been part to some of the White House discussions.
'But the Brady crowd believes the fundamentals are sound and we have to only have steel in our backbone to watt
this out. They see no reason for quick action." he said
Overshadowing everything is the concern about getting the president re-elected, and Bush s campaign Chairman Robert Teeter has been part of the economic strategy sessions.
Teeter is in the middle of this debate.' said one senior administration official. 'I don't think he or Skinner have shown their cards "
The election s approach tempts both Republicans and Democrats to grandstand as much as possible and blame the economy’s ills on the other party.
Leading Democrats arc calling for lax cuts for the middle class, an appeal that is hard lo resist in an election year.
The Kcmp-Quayle-Gtngrich faction favours some kind of tax cut for families with children. white the Brady-Darman group is concerned this might increase the deficit and break the budget deal made with Congress last year, one official said.
And white Darman has emphasised the need for bipartisan cooperation to get measures passed, administration Conservatives want Bush to go on the offensive and "ram the package down Congress s throat." the senior official said.
Bush has sounded undecided on this point. At times he speaks of 'going over the heads of Congress' to appeal to the people with his economic plan.
At other times he strikes a conciliatory note and says he wants to put politics aside and
work with the Democrats to get the economy moving again.
Bush suggested Thursday that his economic growth package may not differ greatly from proposals he has made before to stimulate the economy but which died in Congress.
These Include a cut In the capital gains tax rate and tax incentives for first-time home buyers.
The President told a news conference his State of the Union Address 'will include some suggestions that I've already made, and some new suggestions as to what lo do In a stimulatory sense for this economy.'