With economic indicators signaling a slowdown, lawmakers mounted a bipartisan effort to move a $168 billion stimulus package through Congress in hopes of stopping the recession in its tracks.
The tax cuts and other incentives -- totaling around 1% of GDP -- weren't paid for.
Bush praised the quick work of Congress and urged Americans not to "overreact" to the economic troubles. But by the time the nation recovers, the government will have pumped trillions into the economy.
NEXT: TARP bailouts: 2008
Last updated April 27 2011: 5:01 AM ET