National

Congress, White House Agree on Stimulus Plan

Published January 24, 2008 at 9:15 AM PST

This story was published more than 16 years ago.

Federal tax forms on display at a U.S. Post Office in Palo Alto, Calif. Taxpayers could receive rebates of up to of $300 to $1,200 per household under a new stimulus plan.

Congress and the White House have reached a tentative deal on a stimulus package aimed at boosting the economy and avoiding recession. The plan includes tax rebates for individuals and families, plus business tax cuts.

The stimulus proposal, which could bring tax rebates of $600 to individuals, and $1,200 for couples. Households with children could also get an extra $300 for each child.

The benefit would be available only to taxpayers making less than $75,000 per year, or $150,000 for couples.

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The plan, which has not been finalized, also includes tax cuts for businesses — part of the government's wider effort to put a charge into a slumping U.S. economy.

The stimulus package was negotiated by House Speaker Nancy Pelosi, Republican leader John Boehner and Secretary Henry Paulson. It may be enacted by the middle of February.