Economic Stimulus Package Clears Congress
Economic Stimulus Package Clears Congress Congress has approved temporary economic stimulus legislation that was signed into law by President George W. Bush on February 13, 2008. The package offers increased expensing limits for small businesses and one-time tax rebates to millions of American citizens. Intense negotiations between Senate leaders and the White House on February 7 lead to agreement on a slightly altered House stimulus package that the Senate quickly approved by a vote of 81-16 and sent to the House for that chamber's approval, 380-34. The revised version also extends rebate checks to some 22 million low-income senior citizens and 250,000 disabled veterans, while denying refunds to illegal immigrants. Under the new legislation, individuals would receive rebate checks up to $600; married couples up to $1200, and an additional $300 for each child under 17 years old. The minimum rebate amount is $300 ($600 for married filing jointly). Taxpayers will r...