White House, Congress agree on economic package
The Bush administration and Congressional leaders have agreed on a $150 billion stimulus package aimed at boosting the flagging US economy, which will include sending rebate checks to 116 million families and business tax breaks.
By PTI |
WASHINGTON: The Bush administration and Congressional leaders have agreed on a $150 billion stimulus package aimed at boosting the flagging US economy, which will include sending rebate checks to 116 million families and business tax breaks.
President George W Bush hailed the deal as the "right set of policies and the right size", and urged lawmakers to act quickly to enact the agreement into law, as world financial markets tumble because of fears of a US recession.
House Speaker Nancy Pelosi said Congress would act on the agreement - hammered out in a week of intense negotiations and uncustomary bipartisanship - "at the earliest date, so that those rebate checks can be in the mail".
The rebate cheques, for some 116 million families, are expected to be in the mail between April and June.
Single taxpayers are expected to get $600, married couples up to $1,200, and those with children an additional $300 per child.
Certain low-income groups who do not pay taxes, around 35 million working families, will also get a rebate of around %300 under the plan.
The package would also allow businesses to write off 50 per cent of purchases on plants and other capital equipment.
President George W Bush hailed the deal as the "right set of policies and the right size", and urged lawmakers to act quickly to enact the agreement into law, as world financial markets tumble because of fears of a US recession.
House Speaker Nancy Pelosi said Congress would act on the agreement - hammered out in a week of intense negotiations and uncustomary bipartisanship - "at the earliest date, so that those rebate checks can be in the mail".
The rebate cheques, for some 116 million families, are expected to be in the mail between April and June.
Single taxpayers are expected to get $600, married couples up to $1,200, and those with children an additional $300 per child.
Certain low-income groups who do not pay taxes, around 35 million working families, will also get a rebate of around %300 under the plan.
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The package would also allow businesses to write off 50 per cent of purchases on plants and other capital equipment.
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