The Check is in the Mail

The US Senate overcame its divisions on Thursday and voted to approve a $170billion economic stimulus plan that lies at the heart of the Bush administration's efforts to avert a recession.

A compromise deal was reached after Senate Democrats, who hold the majority, agreed to drop demands that the package include an extension of unemployment insurance, assistance for home heating, and tax credits for renewable energy. Republican opposition to those provisions had prevented the plan from advancing by one vote on Wednesday night.

The stimulus package, expected to be signed by President George W. Bush within a week, involves a combination of measures aimed at boosting the ailing US economy and will pay stipends of $300 to $1,200 per household, and more for families with children, plus provide tax incentives for businesses to encourage spending. President Bush was quoted as saying the plan is the fruit of "patience, determination and good will" in both parties and he called it ?a powerful and effective way to help taxpayers and businesses? by letting people keep and spend more of their own money. Some of the other parties involved in the creation of the stimulus package were quoted as saying:

• The package was aimed to be in the middle class ?and to those who aspire to be in the middle class? and it is "timely, targeted and temporary ? that was our standard."
• In addition to the tax rebates, or stipends, the package would offer some quick relief for those homeowners in danger of losing their houses.
• The package is "simple, clean and neat"
• None of the parties to the talks got everything they wanted. But in the end, "This agreement is a big win for the American people."

President Bush said the American economy is "structurally sound" despite rising energy prices and problems in the housing industry. The Democrats released a summary estimating that the rebates would go to 117 million households. About two-thirds of the total package would go toward the rebates, with the remaining one-third going toward business tax breaks, like write-offs for equipment purchases.

As it was presented on Thursday afternoon, the package calls for workers who paid income taxes to receive $300 to $600, and couples to receive up to $1,200 ? plus $300 more for each child. The stipend, which some lawmakers were calling a "tax rebate", would be subject to income limits so that the wealthiest taxpayers would not receive it. Payments would go to individuals with adjusted gross incomes under $75,000 and couples with adjusted gross incomes under $150,000.

While the stimulus package is approved and will be signed by President Bush soon, there is no date communicated on when the checks will be sent to the taxpayers so right now, we can say that the check is in the mail.

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