Congress, facing the prospect of an election-year recession, passed an emergency plan Thursday that rushes rebates of $600 to $1,200 to most taxpayers and $300 checks to disabled veterans, the elderly and other low-income people.


 The plan, which adds $168 billion to the deficit over two years, is intended to provide cash for people to spend and tax relief for businesses to make new investments -- boosts for an economy battered by a housing downturn and credit crunch.

Rebate checks could begin arriving in May. They would be based on 2007 tax returns, which are due April 15.

Democrats dropped their demand of jobless benefits, heating aid for the poor and tax breaks for the home building and energy industries.

GOP senators blocked those ideas, but agreed to add $300 Stimulus plan passes.

rebates for older people and disabled veterans to a $161 billion measure the House passed last week.
The Senate, voting 81 to 16, slightly expanded the House plan to include payments for some 20 million Social Security recipients and 250,000 disabled veterans who would not have qualified because they do not earn income. The final measure also specifies that illegal immigrant workers not receive payments.

The House swiftly approved those changes by a vote of 380 to 34 and sent the bill to the White House,

The legislation would deliver rebates -- $600 for individuals, $1,200 for couples -- to most taxpayers, plus an additional $300 per child. Individuals making up to $75,000 a year and couples earning up to $150,000 would get the full rebate, with those making more than that or too little to owe taxes getting smaller checks.

People who paid no income taxes but earned at least $3,000 -- including through Social Security or veterans' disability benefits -- would get a $300 rebate.


The measure also includes steps to boost the ailing housing market. It would temporarily raise the limit on Federal Housing Administration loans and the cap on loans that Fannie Mae and Freddie Mac can buy to $729,750. (Must be a lot of poor disabled and senior citizens and veterans on fixed incomes looking for houses that cost that much that need a hand)


"We have to remember that every dollar being spent on the stimulus package is being borrowed from our children. And our children's children," said Sen. Judd Gregg, R-N.H., who voted against the bill.

Spend your children's money frivolously or you hate America
free money my @$$