President Bush is considering a variety of options for an economic stimulus package to perk up the economy, reportedly including a possible tax rebate of $500 for individuals, along with business tax breaks to encourage equipment investments.

The president said at a news conference that his administration was "listening to different ideas about what may or may not need to happen."

According to The Wall Street Journal, citing sources close to the discussions, the options could include a rebate of up to $500 for individuals to encourage more spending, similar to the $300 and $600 checks that were sent out in 2001 to boost the economy. Another option would let businesses deduct part of their investment in any new equipment they purchase. Bush is likely to outline his plans in his State of the Union speech on Jan. 28.

Congress also has ideas about how to stimulate the economy. Democrats in both chambers are preparing a joint proposal of their own.

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