Jan. 12 (Bloomberg) -- Senator Charles Schumer of New York called for adoption of economic stimulus measures that will be ``timely,'' temporary and targeted to middle-class Americans rather than the wealthy.

Schumer, delivering the Democratic Party's weekly radio address today, accused President George W. Bush of taking a ``do-nothing approach'' to the nation's mounting economic woes, especially rising foreclosures and falling home values.

``We ask President Bush to take off his ideological handcuffs and work with us to develop legislation consistent with these three nonpartisan principles -- aiming relief at the middle-class and making that relief immediate and cost- effective,'' Schumer said.

Schumer said the actions shouldn't be limited to tax cuts. He urged adoption of new spending for measures such as extending unemployment insurance and ``longer-term investments such as in clean energy and infrastructure.''

The senator also said more must be done to curb home foreclosures, beyond the initiative taken by the Bush administration last month. That initiative, announced Dec. 6, froze interest rates on some subprime variable-rate mortgages for five years in an effort to limit foreclosures.

The Bush administration is also considering economic- stimulus measures such as a business-investment incentive and a temporary income-tax rebate of several hundred dollars per household, according to a government official who spoke on condition of anonymity yesterday.

Paulson Remarks

Treasury Secretary Henry Paulson, in an interview yesterday, said the U.S. economy slowed ``materially'' at the end of last year and that the administration is considering measures that could be put into effect quickly.

Schumer today warned Bush not overlook help for the middle class.

``If the president continues to maintain his ideological position that there should be no government help for the economy, or that the only action necessary is tax breaks for the wealthy, he will only hasten our descent into a recession that his do-nothing philosophy has caused,'' he said.

Schumer's rhetorical attack on Bush came just one day after the top Democratic congressional leaders, House Speaker Nancy Pelosi of California and Senate Majority Leader Harry Reid of Nevada, sent the president a letter asking for a meeting to discuss stimulus measures.

Bernanke Meeting

Pelosi also plans to meet with Federal Reserve Chairman Ben Bernanke on Monday to get his views on the economy's performance and how to improve it, according to her spokesman, Brendan Daly. Bernanke will speak to all House Democrats, at their invitation, at an annual retreat in Williamsburg, Virginia, Jan. 30-Feb. 1, Sarah Feinberg, a spokeswoman for the House Democratic Caucus, said today.

Three senior House Democrats will give speeches next week about the economy -- House Majority Whip Jim Clyburn of South Carolina, House Democratic Caucus Chairman Rahm Emanuel of Illinois and House Financial Services Committee Chairman Barney Frank of Massachusetts.

Schumer's remarks, as well as the Reid-Pelosi letter, reflect a rapid evolution of Democratic views on economic stimulus. Just two days ago, senior Senate Democrats were unsure whether they would craft stimulus legislation.

The issue has also penetrated the presidential campaign debate. Democratic contender Hillary Clinton, a New York senator, yesterday proposed a $70 billion stimulus plan that would include energy assistance money, a fund to help homeowners avoid foreclosure and an extension of unemployment benefits.

To contact the reporter on this story: Ken Fireman in Washington at kfireman1@bloomberg.net

Last Updated: January 12, 2008 13:41 EST