WASHINGTON – President George W. Bush today pledged to sign the $168 billion economic stimulus measure approved yesterday by Congress, which authorizes tax-rebate checks to millions of households nationwide. “I want to thank the members for passing a good piece of legislation, which I will sign into law next week,” Bush said in a speech today before the annual Conservative Political Action Conference, according to Bloomberg News.
The Internal Revenue Service “will begin its work to get payments out to more than 130 million Americans,” U.S. Treasury Secretary Henry S. Paulson Jr. said in a statement. “The IRS will manage the current tax filing season and simultaneously prepare to issue these additional payments starting in early May. Payments will be largely completed this summer, putting cash in the hands of millions of Americans at a time when our economy is experiencing slower growth.”
Besides the income tax rebates, the measure also includes incentives for businesses to invest in new equipment, and an increase in the maximum size of loans eligible for purchase by mortgage-finance companies Fannie Mae and Freddie Mac.
The legislation cleared the Senate after Democrats bowed to Republican demands they delete provisions that would have extended unemployment benefits and increased funding for heating assistance, and Republicans agreed to authorize rebates for 20 million senior citizens and 250,000 disabled veterans.
“We’re facing an uncertain economy,” Senate Majority Leader Harry Reid said last night after the bill was approved. “This plan will help millions of Americans, tens of millions of Americans.”
Paulson praised legislators “for their quick action to pass a bipartisan economic growth package that is temporary, broad-based and will get money into our economy quickly. This package of payments to individuals and incentives for businesses to invest will support our economy as we weather the housing downturn.”
