House Passes Econ Package; Senate Up Next

The House has overwhelmingly passed a $150 billion economic stimulus bill, but taxpayers shouldn't rush to the mailbox to look for their checks from Uncle Sam any time soon.

The Senate will quickly have its way with the legislation, and senators are itching to add money for unemployment insurance, infrastructure spending, home foreclosure prevention and tax rebates for senior citizens living off of Social Security checks.

The Senate will debate the bill over the next several days, then both chambers will have to work out their differences. After that, the Internal Revenue Service will have to process rebates for up to 117 million taxpayers, meaning rebate checks might not arrive until late spring.

In the House, the bipartisan cooperation between Speaker Nancy Pelosi (D-Calif.), Minority Leader John A. Boehner (R-Ohio) and the Bush White House seemed to prevail even though some conservatives voted against the bill because it didn't have more serious tax cuts.

The vote was 385-35 for a package that would provide $600 for individuals making up to $75,000 and $1,200 for households making up to $150,000 a year, plus $300 a child. The bill also includes a significant expansion of federal limits on loans taken by Fannie Mae and Freddie Mac, which should put more liquidity into the the struggling housing market. The legislation also provides a series of tax breaks designed to make it easier for small businesses to take write offs for equipment investment and depreciation no assets.

Boehner and Pelosi are about to do a bipartisan victory lap press conference to celebrate their deal, and perhaps offer a warning to the Senate not to mess this one up.