Congress Bush to head off possible recession

With the stockmarket in freefall this week and the Federal Reserve Board cutting interest rates this week Congress got into the act as well by offering tax rebates and business incentives to stave off a possible recession. Many world markets fell in after hours trading as a result of the troubling US real estate market which has been in decline due to major losses in the subprime market. A shrinking US dollar has not helped the situation. These efforts are designed to instill confidence to the world that the US market is stable. World markets quickly recovered when the Federal Reserve announced an emergency rate cut of 3/4 basis points. The Federal Reserve is also expected to cut interest rates even lower at its next regular meeting.