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Bush Says Congress Must Move Quickly on Stimulus (Update1)

By Roger Runningen and Holly Rosenkrantz

Jan. 25 (Bloomberg) -- President George W. Bush said Congress must get the economic stimulus package to his desk ``quickly'' and not allow concerns over details of the measure to stall passage.

``I strongly believe it would be a mistake to delay or derail this bill,'' Bush told House Republicans on a winter retreat at the Greenbrier, a posh resort hotel in White Sulfur Springs, West Virginia.

Bush and House lawmakers yesterday agreed on a $150 billion economic stimulus package aimed at avoiding an election-year recession. About $100 billion would pay for tax rebates to about 117 million families and $50 billion for business tax breaks.

The package also addresses the growing number of housing foreclosures with a provision allowing Fannie Mae and Freddie Mac, the largest U.S. mortgage-finance companies, to temporarily buy mortgages of as much as $729,750, up from the current limit of $417,000.

Treasury Secretary Henry Paulson led White House negotiations with House Democrats, who wanted more help for the working poor, including an increase in food-stamp aid and an extension of unemployment benefits beyond the current 26 weeks. They didn't get them.

``I can't say that I'm totally pleased with the package but I do know that it will help stimulate the economy and, if it doesn't, there'll be more to come,'' House Speaker Nancy Pelosi said yesterday.

Senate May Delay

That sentiment among Democrats may signal trouble ahead. U.S. senators, largely left out of the negotiations, said they wanted to weigh in with a broader array of programs that may increase tensions, bog down a package and raise costs.

Senator Ron Wyden, an Oregon Democrat, said he wanted to add road-building projects to the package. Senator Patty Murray, Democrat of Washington, said summer job programs for youth would help blunt a potential recession. Others suggested payments for home heating bills and Medicaid payments to states.

``Senators will work to improve the House package by adding funds for other initiatives that can boost the economy immediately, such as unemployment benefits, nutrition assistance, state relief and infrastructure investment,'' Democratic Leader Harry Reid said.

Bush spokeswoman Dana Perino urged the Senate to ratify swiftly the agreement the administration made with the House.

``There is a need for speed,'' Perino told reporters at the White House earlier today. ``We believe this is a very good bipartisan compromise, and it would be unfortunate if the Senate did anything to slow it down or blow it up.''

To contact the reporter on this story: Roger Runningen in White Sulfur Springs, West Virginia, at rrunningen@bloomberg.net; Holly Rosenkrantz in Washington at hrosenkrantz@bloomberg.net

Last Updated: January 25, 2008 13:25 EST

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