Stimulus Bill Approved by Congress, Bush to Sign
Making the way for more than 130 million households to start receiving rebate checks this spring, the U.S. Congress approved a $168 billion bill to boost the economy.
The Senate passed the measure by 81-16 after Democrats withdraw demands for billions in extra spending and tax breaks, which were opposed by most Republicans. The House quickly adopted the Senate's changes last night, in a 380-34 vote.
The speed with which the legislation was passed reflects a rare bipartisan effort in an election year.The last hurdle for the bill was cleared earlier yesterday, as Senate leaders agreed to a compromise that closely mirrored a bipartisan House agreement worked out with the Bush administration last month.
In a statement, President Bush made clear he intends to sign the legislation, calling it "an example of bipartisan cooperation at a time when the American people most expect it."
Under the final bill, most taxpayers would receive checks of up to $600 for individuals, or $1,200 for married couples, amounts that would begin to phase out at incomes above $75,000 for individuals and $150,000 for married couples. Millions of people who don't pay income taxes but have incomes of at least $3,000 would receive smaller rebates of $300, or $600 for married couples. This group would include Social Security recipients and military veterans receiving disability payments, as well as their surviving spouses -- a provision generated by the Senate. People receiving rebates would receive $300 credits for each child.
Published on February 8, 2008
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