On Saturday, President Bush warned that the government must guard against going too far in trying to fix the troubled economy. "If we were to pursue some of the sweeping government solutions that we hear about in Washington, we would make a complicated problem even worse -- and end up hurting far more homeowners than we help."

"Democrats know that wait-and-see is not a responsible strategy for an economy that is teetering on the brink of recession," said Senate Majority Leader Harry Reid. "The president continues to convince himself that inaction is the cure-all for the economic problems hurting hardworking Americans." Democrats intend to strengthen the economy with measures dealing with housing, energy efficiency, and renewable energy.

President Bush said the recently passed program of tax rebates should begin to lift the economy in the second quarter of the year and have an even stronger impact in the third quarter. But he urged caution about doing more, particularly about the crisis in the housing market.

American President George Bush announced his new budget spending plan today, and the package came out to a total of $3.1 trillion.

Today's federal budget proposal marks the first time in America's history that a budget plan has been in excess of $3 trillion. Bush claims that his budget is "good" and "solid" and that the passing of this budget will help keep the troubled American economy growing.

All in all, this budget looks to lift government spending by 6% during the fiscal year 2009, and it will probably come to no one's surprise that defense gets a nice little boost from today's budget. Bush is looking to allocate 8.2% of his spending on security, and the budget is looking to stake a $70 billion "placeholder" for war costs during 2009. The Pentagon should be pleased with its figures, as Bush is looking to allocate $515.4 billion its way... the highest allocation since WWII (and represents a 7.5% jump).