Friday, February 8, 2008
The United States House of Representatives has passed the bipartisan US$152 billion economic stimulus package that gives one-time rebates to United States citizens, US$600 for individuals or US$1,200 for couples plus US$300 for each child. US$300 checks would be sent to people on low-income including retirees on Social Security which was not included in the original bill backed by President George W. Bush. The plan would begin to decrease rebates for citizens with taxable incomes of US$75,000 for individuals and US$150,000 for couples. The checks would go out to more than a 130 million Americans according to Treasury secretary Henry Paulson.
The House overwhelmingly approved the more broad Senate amended bill which included the low-income portion mentioned above along with provisions that would keep illegal aliens from receiving a rebate check. Despite some opposition from some Congressmen, such as John B. T. Campbell III of California’s 48th congressional district, the plan passed overwhelmingly 380–34.
Campbell called the plan “wealth redistribution” and noted it did not have safeguards to prevent illegals from receiving these rebates and also claimed that stimulus plan would increase the deficit more and noted the cause of the looming recession was because of “credit problems.”
The United States Senate voted hours earlier on the bill which passed in the Senate, 81–16. after having to shed some incentives included by Senate Democrats which caused the bill to fail. Some of the incentives that were left out of the plan in a compromise to gain Republican support were demands for benefits for long-term unemployed workers and stipulation that would allow low-income citizens to pay off heating bills and let home builders pay off losses off the current year against previous tax years.
President Bush approved of the package, noting in a statement, “This plan is robust, broad-based, timely, and it will be effective, this bill will help to stimulate consumer spending and accelerate needed business investment.”
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