Author Topic: House Approves Economic Stimulus Plan, Heads to Senate  (Read 1181 times)

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House Approves Economic Stimulus Plan, Heads to Senate
« on: January 29, 2008, 05:05:24 PM »
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House Approves Economic Stimulus Plan, Heads to Senate

Tuesday, January 29, 2008


WASHINGTON —  The House, seizing a rare moment of bipartisanship to respond to the economy's slump, overwhelmingly passed a $146 billion aid package Tuesday that would speed rebates of $600-$1,200 to most taxpayers.

The plan, approved 385-35 after little debate, would send at least some rebate to anyone with at least $3,000 in income, with more going to families with children and less going to wealthier taxpayers.

It faced a murky future in the Senate, though, where Democrats and some Republicans backed a larger package that adds billions of dollars for senior citizens and the unemployed, and shrinks the rebate to $500 for individuals and $1,000 for couples. That plan, written by Finance Committee Chairman Max Baucus, would deliver checks even to the richest taxpayers, who are disqualified under the House-passed measure.

Both versions would provide tax breaks to businesses to spur equipment and other purchases.

President Bush and House leaders urged the Senate to take the bipartisan agreement and pass it quickly, even as Baucus, D-Mont., planned a Wednesday vote in his committee on a larger package that could face a slower path.

"We need to get this bill out of the Senate and on my desk," Bush said in the Oval Office.

Congressional leaders are aiming to send the measure to Bush by Feb. 15. But the divergent plans — and bids by Senate Democrats and Republicans to swell the package with more add-ons — could drag out that schedule.

House Speaker Nancy Pelosi, D-Calif., said she hoped the Senate would "take this bill and run with it."

Senate Majority Leader Harry Reid, D-Nev., said that was unlikely in the freewheeling Senate, where members have elaborate wish-lists for adding to the bill, including food stamps, Medicaid and heating assistance for low-income people and spending on infrastructure projects, among other things.

http://www.foxnews.com/story/0,2933,326346,00.html