Congress Approves Economic Stimulus Package

Congress approves economic stimulus package

Washington (ABC News) _ Congress has approved the rebate checks meant to stimulate the economy and President Bush is on board.
Timely, targeted and temporary, the economic stimulus package has been approved and the checks will be in the mail for about 100-million Americans.
“We stand here at the precipice of a fairly severe economic turndown and we must do everything we can to make sure that the severe effects of that downturn are mitigated,” said Sen. Charles Schumer (D-NY).
Individuals earning up to $75,000 a year will get $600. Families making up to $150,000 a year will get $1,200 plus an additional $300 for each child under 17.
In addition, 21 million seniors will get checks for $300, as well as disabled veterans.
“I thank members of Congress for their efforts on this legislation. This bill reflects our principles. It is pro-growth. It is robust and it will get money into the hands of American consumers,” President Bush said.
The plan is intended to get people spending in an effort to rejuvenate the economy.
“We are making history. What has passed the Congress in record time is a gift to the middle class and it shows that the work of Congress understands the struggles they have,” said Nancy Pelosi (D-Speaker of the House).
The checks will start being sent out in May.