Congress Passes Emergency Stimulus Plan

Rebate Checks To Taxpayers Of $600-1,200 Could Go Out Beginning In May

(CBS/AP)  Congress, facing the prospect of an election-year recession, passed an emergency plan Thursday that rushes rebates of $600 to $1,200 to most taxpayers and $300 checks to disabled veterans, the elderly and other low-income people.

President Bush said he would sign the measure during his speech Friday to the Conservative Political Action Conference.

House passage by a 380-34 vote came a few hours after Senate leaders ended a drawn-out stalemate over the bill. The $168 billion plan is intended to provide cash for people to spend and tax relief for businesses to make new investments - boosts for an economy battered by a housing downturn and a credit crunch.

The Senate's 81-16 vote capped more than a week of political maneuvering. The stalemate ended when majority Democrats dropped their demand that the rescue proposal offer jobless benefits, heating aid for the poor and tax breaks for the home building and energy industries.

GOP senators refused to relent in their opposition to those ideas, but did agree to add $300 rebates for older people and disabled veterans to a $161 billion measure the House passed last month.

Stimulus checks for the survivors of disabled veterans are also included in the amendment, CBS News reports.

Mr. Bush said the final plan was "robust, broad-based, timely, and it will be effective." The compromise, he said in a statement after the Senate acted, was "an example of bipartisan cooperation at a time when the American people most expect it."

Rebate checks could begin arriving in May. The rebates would be based on 2007 tax returns, which are not due until April 15.

The legislation would rush rebates - $600 for individuals, $1,200 for couples - to most taxpayers and cut business taxes in hopes of reviving the economy. Individuals making up to $75,000 a year and couples earning up to $150,000 would get the full rebate, with those making more than that getting smaller checks.

People who paid no income taxes but earned at least $3,000 - including through Social Security or veterans' disability benefits would get a $300 rebate.

"We believe the stimulus, the way it is targeted, will put money into the hands of those who will spend it immediately, injecting demand into the economy and therefore creating jobs," House Speaker Nancy Pelosi, D-Calif., told colleagues.

The measure also includes steps to boost the ailing housing market.

[michellem99-2009]

it is for the well to do..They said on the tv ssi, nonservice vets won''t get it even tho we are on ss.

[Snerdguy]

Does anybody know if the elderly, Veterans and the disabled who receive these rebates will have to report them as income? If they do, won''t they lose some of their food stamps and some will have to pay more spend down on their medical expenses? What is the point of giving them money if they have to give it back?

[mcv57]

Want to know how corrupt bankers are ... talk about feeding the wild beast:

Banks ''cancel good payers'' cards''

John McFall MP says customers may not be being treated fairly
Banks may be taking cards from reliable customers and giving them instead to riskier ones in order to boost their profits, a senior MP has suggested.
The chairman of the treasury select committee, John McFall, says companies may be withdrawing cards from people who pay their bills on time.

The suggestion is they are being given instead to people who pay interest because they cannot clear their debts.

Such practices "have to be called into question", says Mr McFall.

He has previously complained that credit card companies were not being transparent. Now he says they may not be being fair to their customers.

"Are we witnessing a situation where credit card companies are taking cards away from perfectly safe customers who pay their bill in full every month on the same date for years - and giving it to customers who are riskier?" he said.

"And if they are doing so, then their methods have to be called into question."

The BBC''s Sarah Pennells said that credit card company Egg was recently accused of closing the accounts of some reliable customers.

Now there is some evidence that credit card companies are cutting the limits of older card holders, who pay off their balances in full, and raising limits for younger ones who may not, our correspondent added.

"This plan is such a joke. I guarantee this rebate is going to go towards more beer, cigarettes and lottery tickets." Posted by otdky07

Well, if it''''s spent on American beer & cigarettes, at least that''''ll stimulate our economy more than if you spend it on stuff made in China!
Posted by nolalou

Right! Handing it over to "no-bid halliburton" or "no bid blackwater" is highly responsible economic policy...

I remember the evening Ronnie Raygun was inaugurated.. A couple of talking heads on TV were holding forth on what the future held (remember, this was 1981). One of ''em said that if you were in the car business and selling chevys, life was gonna get tough, but, if you were selling cadillacs, life was gonna get real good. Now today I read an article about all the struggling businesses, however, business at Tiffanys is booming...Life couldn''t be better.... I''m very proud that I''ve never voted for a repugnantcan, and never will...!!

[jwind11]

havent heard either of them say that....nice belief tho

[realpatriot1]

jwind11,

Here''s what I believe either democratic candidate would do.

1.) Utilize fiscal policy to create jobs. 63% of all jobs created since the last recession have been in education and healthcare. These are permanent jobs can''t be outsourced. With the school age population and the retiree/elderly populations set to explode these are jobs that''re desparately needed by society.
These jobs will create other employment in the trades as school and clinic construction increases.

2.)Increase funding for public works employment and infrastructure. Repair roads and bridges, expand mass transit to ease congestion and allieviate greenhouse emissions, build an alternative energy infrastructure network,provide for water conservation in drought effected areas,port security,etc.

3.) Provide funds to train the workforce for these jobs. Provide employment preference to returning vets.

4.) Enact a Made In America requirement for defense-related procurement. This will create manufacturing jobs here and also safeguard our procurement.

5.)Enact a permanent middle class tax cut rather than
sending out one shot checks for $300-$600.

[jwind11]

all these economy experts but they cant tell me what their candidate stands for.....amazing

[nolalou]

"This plan is such a joke. I guarantee this rebate is going to go towards more beer, cigarettes and lottery tickets." Posted by otdky07

Well, if it''s spent on American beer & cigarettes, at least that''ll stimulate our economy more than if you spend it on stuff made in China!

[j-whitman]

avoice,,,, Think about it -

-- Under republican leadership little progress has been made in 2 wars & in the War on Terror Global Terrorism has grown -- China now has become a bigger military & national security threat.

They''''e put a big ''''For Sale'''' sign in the middle of our country & offered it to China & the Saudi''s who gave us 9/11

They are funding Nuclear Plants for the Soviets to build them for Iran.

[ora734]

Does anyone care that the oil traders are devaluing our stimulas rebates.

[j-whitman]

jwind11,,,, You haven''t been paying attention have you ???

[jwind11]

j-whitman...how are they going to do that? anyone can say it....how are they going to do it? can it even be done? who knows

[j-whitman]

jwind11 --- FYI,,,, Both are strong leaders who want to restore our nation & it''s national security & world standing. ------ REAL CHANGE REPUBLICANS AREN''T OFFERING

[jwind11]

glossypan, no president is going to be expert at everything, if mccain really said that, at least he is being mature and saying what his weakness is. I dont hear him bashing, hillary, barack or bush. like i said saying "i will be better than bush" is not a platform. tell us what you are going to do different. not convince us what someone else did wrong.

[ora734]

In the futures market "oil" is up over 3.00 a barrell on stimulas news. My ? is why not just have the Treasury write the oil companies and futures traders our rebate checks, their scrambling to get some of it already. We need to get oil back off the futures market like it was in the 70''s.

[glossypan]

Borrow yourself into prosperity.
What a concept.
It doesn''t seem to work very well for individuals but when our governments do it, they have the advantage of being able to assure lenders that our children and grandchildren will keep making payments.
******
OR we can just print more and more increasingly worthless green paper.
******
OR we can quit burying $275,000,000 per DAY in the sands of Iraq.
******
In Iraq for 100 years?
"FINE with me", said John McCain.
*******
"The issue of economics is not something I''ve understood as well as I should", said John McCain.

[jwind11]

j-whitman....good answer...as long as you have a reason for your vote....my point, these libs here have no clue what hillary or barack stand for...."better than bush" is not a platform

[j-whitman]

jwind11,,, Sorry, I was busy Obama stood for everything Reagan did ---- Real change & restoration of American values & much much more.

[jwind11]

30 minutes and only one response to my question. And that was what I figured , they didnt know what they stood for. You libs are going to actually vote for someone that you dont know what they stand for ? but you think you are experts on economy that you can bash the rebate plan? amazing.