President Bush called for about $145 billion worth of immediate tax relief Friday to stimulate a sagging economy and fend off a possible recession.

The plan calls for billions in rebates for everyday taxpayers and huge incentives for businesses, but experts say Long Island may or may not benefit from the money depending on how it?s spent.

Martin Cantor, an economist at Dowling College, says if people put their rebates back into businesses, it will stimulate Long Island?s economy. However, he says if taxpayers use the money to pay a late mortgage, car payment, or debt, the local economy is unlikely to benefit.

Cantor says 75 percent of Long Island residents would be eligible for a tax rebate under the plan. The president wants the stimulus package to also include tax breaks for businesses investing in new equipment.

While Bush says the country will be just fine if the stimulus package is passed, Cantor says the plan may be just a Band-Aid for the country?s deep economic problems.

President Bush says he thinks there is enough bipartisan consensus in Congress to pass a package fairly quickly.

AP wire reports contribute to this article.

Watch the full announcement of Bush?s economic plan