Parties work for economic fix as stock market troubles continue - WMC Action News 5 - Memphis, Tennessee

Parties work for economic fix as stock market troubles continue

High anxiety on Wall Street today as stocks plunged more than three hundred points.

In Washington D.C. Wednesday, Congressional leaders from both parties started working together to fast-track an economic fix.

But a group of republicans argue that President George Bush's tax rebates and giveaways will not work.

"Where I come from, I get awful dog-gone nervous get nervous when everyone in Washington starts to agree. It usually means the American people are about to get the bill," Rep. Mike Pence from Indiana said.

The congressional budget office delivered mixed news, projecting a $250 billion deficit. That doesn't include the stimulus package.

Still, the Budget Office says it's not expecting a recession in 2008. Just a period of unusually weak growth.

Congressional leaders said they are hoping to have a stimulus package ready before President's Day. A little more than three weeks away.

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