Bush, Congress meet on economic package

WASHINGTON – President Bush met with congressional leaders today to discuss the details of an economic stimulus package intended to boost consumer spending and blunt upheavals in the financial markets.

“I believe we can find common ground and get something done that’s big enough and … so that an economy that is inherently strong gets a boost,” Bush said at the beginning of the meeting. “Everybody wants to get something done quickly, but we want to make sure it gets done right.”

Congressional leaders made it clear after the meeting that the details of the plan had yet to be negotiated but that they hoped to hammer out an agreement as soon as possible.

“We had a productive conversation,” said House Speaker Nancy Pelosi (D-San Francisco). “The urgency that we feel at home is now even more urgent as we see the impact of our markets on others.”

As for the particulars of the package, Senate Majority Leader Harry Reid (D-Nev.) said, “It wouldn’t be smart of us to negotiate in public.” He said he hoped congressional leaders would have a bill on the president’s desk within the next three weeks.

Bush outlined his priorities for a stimulus plan Friday, advocating a package of about $145 billion, centered on tax cuts for businesses and rebates for individual taxpayers. On Capitol Hill, Democrats have called for boosts in unemployment benefits, food stamp payments and the Medicaid healthcare program for the poor and disabled, while Republicans have warned against loading the bill up with “Christmas tree” benefits.

House Minority Leader John A. Boehner (R-Ohio) said after the meeting today that he and Pelosi would discuss details over the next two days with the administration’s point man on the issue, Treasury Secretary Henry M. Paulson Jr. If the House passes the package, it will move to the Senate.

“I don’t see any disagreements,” said Boehner. “The speaker understands my concerns and I understand hers.”

johanna.neuman@latimes.com