WASHINGTON, D.C. -- Lawmakers in Washington said today that an economic stimulus package could soon be signed, sealed, and delivered. For most taxpayers, the plan means cash in their pockets.
Even the negotiators admit, the deal is far from perfect. Still, it is the fastest bi-partisan compromise in recent memory -- that would give millions of Americans some much needed financial breathing room.
House Speaker Nancy Pelosi said, "I can't say that I'm totally pleased with the package, but I do know that it will help stimulate the economy, and if it does not then there will be more to come."
Under the estimated $150 billion proposal most taxpayers will get:
- Up to a $600 rebate
- Another $300 per each child
- Lower income workers who pay no income taxes will get $300.
Businesses will also get tax breaks to invest in new equipment. The president praised the plan for providing stimulus, without raising taxes.
Bush said, "This package has the right set of policies and is the right size."
But it could get bigger. The Senate still has to have it say -- and Democrats there are expected to push for more unemployment benefits and food stamps, which would drive up the costs.
Treasury Secretary Henry Paulson said, "The work is far from over, and as far as I'm concerned, it's not going to be over 'til it's enacted, until we get the checks out to the American people."
It could be months before Americans see those checks. The package still has to pass the House and Senate. Secretary Paulson says in the best-case scenario is taxpayers will start getting that money in May.Full Story »