The U.S. Congress Thursday overwhelmingly passed an economic
stimulus package which had been sought by President George W. Bush
to fend off a possible recession.
The House approved the bill by a 380-34 vote, just a few hours
after the Senate leaders agreed on a modified version of the plan
initially backed by the lower chamber last Tuesday. The Senate
approved the bill by an 81-16 vote.
According to the stimulus package, individuals who pay income
taxes would get up to 600 dollars, working couples 1,200 dollars
and those with children an additional 300 dollars per child.
Workers who make at least 3,000 dollars but do not pay taxes
would get 300 dollar rebates. The rebates were expected to cost
about 100 billion dollars, and the package also includes close to
50 billion dollars in business tax cuts.
The Senate also added a provision granting 300 dollar checks to
seniors, disabled veterans and veterans' widows who could show
3,000 dollars in social security or veterans' disability benefits
last year.
The package will inject nearly 152 billion dollars into the
economy this year and more than 16 billion dollars next year.
Senate Republican Leader Mitch McConnell said the economic
package transcended politics. "This is not a victory for
Republicans or Democrats. This is a victory for the American
people," he said.
President Bush immediately welcomed the quick approval.
"This plan is robust, broad-based, timely, and it will be
effective," Bush said in a statement. "This bill will help to
stimulate consumer spending and accelerate needed business
investment."
Treasury Secretary Henry Paulson also welcomed the approval,
saying it would help inject money into the stressed U.S. economy
quickly.
"We're going to have the checks out beginning of May and this is
largely going to be done by the time summer's over," he
added.
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(Xinhua News Agency February 8, 2008)
