Post by Champs Elysees on Feb 7, 2008 16:23:13 GMT -5
Senate Democrats agree on rebate plan
Senate set to vote on proposal aimed at boosting economy by giving rebates to taxpayers, senior citizens and military veterans.
By Jeanne Sahadi, CNNMoney.com senior writer
February 7 2008: 3:30 PM EST
NEW YORK (CNNMoney.com) -- Senate Democrats have agreed to an amended version of a House-approved plan to spur the economy, making swift passage of a final stimulus measure likely.
The new Senate plan, which will likely get Senate approval by Thursday evening, would pay one-time rebates to more than 100 million low- and middle-income households, 20 million senior citizens living off of Social Security and 250,000 disabled veterans.
Senate Majority Leader Harry Reid, D-Nev., had hoped for a more expansive package. He said Thursday afternoon that the Senate had an obligation to improve on the House bill and "we've done that."
"There's much more to do," Reid added. "We'll be back to do more things to stimulate the economy."
The House is expected to approve the changes to the Senate bill without objection. Lawmakers have said they aim to get a bill to President Bush by Feb. 15.
The goal is to stimulate the flagging economy by putting cash in the hands of consumers while giving businesses financial incentives to invest in plants and equipment and create jobs.
The agreement comes a day after the Senate defeated a more expensive stimulus plan than the House package. Senate Democrats were hoping to add in at least a 13-week extension of unemployment benefits, heating aid subsidies and a higher income cap on the households eligible to receive rebates.
Senate set to vote on proposal aimed at boosting economy by giving rebates to taxpayers, senior citizens and military veterans.
By Jeanne Sahadi, CNNMoney.com senior writer
February 7 2008: 3:30 PM EST
NEW YORK (CNNMoney.com) -- Senate Democrats have agreed to an amended version of a House-approved plan to spur the economy, making swift passage of a final stimulus measure likely.
The new Senate plan, which will likely get Senate approval by Thursday evening, would pay one-time rebates to more than 100 million low- and middle-income households, 20 million senior citizens living off of Social Security and 250,000 disabled veterans.
Senate Majority Leader Harry Reid, D-Nev., had hoped for a more expansive package. He said Thursday afternoon that the Senate had an obligation to improve on the House bill and "we've done that."
"There's much more to do," Reid added. "We'll be back to do more things to stimulate the economy."
The House is expected to approve the changes to the Senate bill without objection. Lawmakers have said they aim to get a bill to President Bush by Feb. 15.
The goal is to stimulate the flagging economy by putting cash in the hands of consumers while giving businesses financial incentives to invest in plants and equipment and create jobs.
The agreement comes a day after the Senate defeated a more expensive stimulus plan than the House package. Senate Democrats were hoping to add in at least a 13-week extension of unemployment benefits, heating aid subsidies and a higher income cap on the households eligible to receive rebates.
I will be so glad when this administration is gone . . .
