Mumbai: President George Bush has proposed up to $150 billion in tax cuts to business and food tamps for consumers to prop up business and boost consumption amidst rising fears of recession and tumbling stock markets.

He asked congressional leaders to move quickly on a relief package that would include extra money for food stamps and jobless benefits in addition to tax rebates to businesses and individuals.

Treasury secretary Henry Paulson had sought a relief package worth about $140-150 billion - around 1 per cent of the country's GDP.

The incentives would help companies invest, expand and hire more workers, Paulson said. The package is expected to generate about 500,000 additional jobs.

Bush said the stimulus package would be a one-time measure aimed at giving a boost to the US economy that is in danger of sliding into a recession.

The administration is weighing tax concessions for businesses investing in new equipment and a $500 rebate for individuals, official sources said.

In 2001, President Bush had added $300 to tax refunds for individual taxpayers and $600 per household in his bid to fight recession.

The proposal is based on the assumption that people would immediately spend the monies and give the economy the badly needed boost.

Bush said the US, where the markets have been slumping and unemployment is increasing, with the currency on a decline faced the risk of an economic downturn.