WASHINGTON—U.S. President George W. Bush said on Thursday he was considering the possibility of a offering a fiscal stimulus package to help boost the economy but said he has not made a decision yet.
"In terms of any stimulus package, we're considering all options and I probably won't make up my mind as to whether or not I lay one out until the State of the Union," Bush said in an interview with Reuters at the White House, referring to his State of the Union address to Congress on Jan. 28.
A growing number of private economists are worried that a surge in oil prices—which hit $100 a barrel this week—and the ripple effects from the subprime mortgage crisis could tip the economy into recession.
"We are listening to a lot of good ideas from different people," Bush said. "We've got our people out there carefully—not only monitoring this situation—but listening to ... possible remedies."
Bush also said he was concerned about the impact of high oil prices on Americans' pocketbooks.
But he added that it was not the type of emergency that would warrant tapping the U.S. emergency stockpile known as the Strategic Petroleum Reserve.
Bush, who attributed the run-up in oil prices to demand from fast-growing economies abroad, said the stockpile should be reserved for emergencies, such as "terrorist attacks (or) massive dislocations."
"Hundred-dollar oil is a reflection of supply and demand," Bush said. "It certainly creates difficulty but no, it's not the kind of emergency that would define the use of the SPR as far as I am concerned."
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