U.S. President George W. Bush is promoting a new economic plan to boost America?s sagging economy. He outlined the proposal, which relies almost entirely on tax cuts, in a speech in Chicago Tuesday.

The 674-billion dollar package is meant to stimulate economic growth and create jobs. It includes tax cuts and other incentives, Mr. Bush says would address the country?s economic problems honestly and aggressively. He said he is proposing a bold plan because the need is urgent. And he asked the U.S. Congress to pass it quickly.

?Our nation has seen two years of serious and steady challenges. The recession and the decline in the stock market slowed earnings and cut into tax revenues and created a budget deficit. And in this time of war, I can assure you, this government us spending what is necessary to win the war.?

Mr. Bush said his tax cuts would help all Americans.

?Americans today are paying about a third of their income in taxes. All of this puts pressure on the family budget and therefore clouds the economic future.?

The bush plan calls for accelerated income tax cuts and elimination of a tax on stock dividends paid to investors. His political opponents, the democrats, who unveiled their own economic stimulus plan in Washington Monday, say the president?s tax cuts are designed to benefit the rich. The president denies that. He says his tax cuts would help all Americans.