House Approves $146 Billion Stimulus Plan
The House voted Tuesday to pass a $146 billion stimulus package that has been fast-tracked to give a quick boost to the nation's sagging economy. The bill now goes to the Senate, which is likely to modify the package.
Heeding President Bush's call in his State of the Union address to move quickly on the bipartisan deal, the House approved the plan by a yes-no margin after little debate.
The House version of the plan includes tax rebates of up to $600 for individuals and $1,200 for married couples, plus $300 per child. The legislation also includes tax breaks to encourage business investment in new equipment.
The measure will next be taken up in the Senate, where Finance Committee Chairman Max Baucus, a Montana Democrat, set a Wednesday vote on a roughly $160 billion version that would give $500-$1,000 rebates to a broader group, including older Americans living off Social Security, as well as wealthier taxpayers. The measure would also extend unemployment benefits.
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