Stimulus Plan Means Rebates by May
January 25, 2008
(Long Island, N.Y.) In an effort to encourage the public into spending more and in return help increase revenues for businesses, The White House and Congress came up with a deal called the ‘Stimulus Package’ that could pump $150 Billion to a heavily torn economy and could help the U.S. stave off its first Recession since 2001.
Under the agreement, tax rebates will be issued to those people who filed their taxes consistently. The rebates could range from $600 to $1200 with a small bonus for those who filed taxes with a family dependent. Individuals will be given a $600 check; Couples who both work and file their taxes will be issued a $1200 check while those couples with Children will be given an extra $300 per child. The rebates could be issued by May and received through the mail by June for those who qualify and would be timely for families to spend during the spring season to help a fledging business community and increase revenue. Many claim the congress and the President need to move faster to get the bill signed with reports that it could reach the Presidents’ desk by February 15th, if not stalled by further changes.
President George W. Bush said in a statement, “This package will lead to higher consumer spending and increased business investment,” Also discussed and should be tackled in this package is in extending benefits for those people who’s benefits have run out due to unemployment. “I do not understand, and cannot accept, the resistance of President Bush and Republican leaders to including an extension of unemployment benefits for those who are without work through no fault of their own,” said Committee on Ways and Means Chairman Charles Rangel.
Rivaling Democratic and Republican Party’s both came through in forging this deal leaving any animosity behind in the hopes of saving our economy. California Democrat 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. But if it does not, then there will be more to come.” while Ohio representative Boehner said “You know, many Americans believe that Washington is broken” the Ohio Republican said. “But I think this agreement and I hope that this agreement will show the American people that we can fix it.”
Immediately after the deal was announced, a great breakthrough in the stock market proved that the government could be doing the right thing in reviving a struggling economy as Wall Street bounced back to record heavy gains in a 2-day stretch never been seen since the early part of the month and a clear indication in the minds of the experts and analyst that we are heading into a positive direction.
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