United for urgent action, the White House and Congress raced toward emergency steps Thursday to rescue the national economy from a possible recession, including tax rebates of at least $300 a person – and maybe as much as $800.Federal Reserve Chairman Ben Bernanke endorsed the idea of putting money into the hands of those who would spend it quickly and boost the flagging economy.
All the talk of rescue efforts failed to soothe Wall Street. The Dow Jones industrials plunged 306.95 points, underscoring deepening concern about the country’s economic health.
The sudden scramble to take action came as fears mounted that a severe housing slump and a credit crisis could cause people to clamp down on their spending and businesses to stop hiring, throwing the country into its first recession since 2001.