WASHINGTON (Reuters) - President George W. Bush and congressional leaders agreed on Thursday on a $150 billion package of tax rebates and business incentives meant to ward off a recession in the world's largest economy.

The deal between the White House and leaders of the House of Representatives provides for tax rebates of up to $600 for individuals and $1,200 for married couples. Families with children would receive an additional $300 per child.

It marked a rare show of election-year cooperation between Bush and the Democratic-led Congress who want to pump money into the softening economy in hopes of countering the blow from a mortgage crisis, credit crunch and a surge in oil prices.

"This agreement was the result of intensive discussions and many phone calls, late-night meetings and the kind of cooperation that some predicted was not possible here in Washington," Bush told reporters.