Feb. 7, 10:15
The Senate passed a 168 billion dollar stimulus package that added benefits for seniors and veterans. The first cheques should flow by May and Americans are urged to file their taxes early in order to expedite the payment of the rebates or perhaps better named stimulus bonus payments.
The plan was later passed by the House of Representatives by a vote of 380 to 34 and sent to President Bush for his signature. It includes payments to disabled veterans and 20 million social security recipients who did not qualify under the original house plan. Individuals earning less than $75,000
and couples earning less than $150,000 will receive the full rebate of up to $600 for individuals and $1200 for couples as well as 300 per child. the minimum payment will be $300 for individuals who pay less than this amount in income taxes. Beyond these income levels taxpayers receive less than the full amount falling to zero for the highest income earners. there are also business tax write-offs and incentives in the plan.
The Democrats in the Senate also had tried unsuccessfully to pass a plan that would have spent more than 200 billion by including home heating subsidies, food stamps for the poor,extended unemployment benefits, energy efficiency incentives and incentives for the coal industry. They failed to get sufficient Republican support for the plan to speed its passage.
However the plan has been passed in a short period of time and once the money begins to flow it will do some good. The next priority ought to be a major infrastructure program.
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