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The U.S. House of Representatives,
on Tuesday, dropped partisan differences and by a 385-85 vote, passed a $146
billion economic package that, if it passes through the Senate would provide rebates
of $600-$1,200 to most taxpayers.
The plan, designed as a short
term relief to the country’s economic challenges, would send $300 to anyone
with an income of at least $3,000 in income, with $600 to individual taxpayers,
$1,200 to married couples, $300 for each child, with reduced amount going to
wealthier taxpayers.
The bill now advances to the
Senate where both Democrats and Republicans are in support of a larger economic
package that would add billions of dollars for senior citizens and the
unemployed, but reduce the rebate to $500 for individuals and $1,000 for
couples. The Senate plan, which was written by Finance Committee Chairman Democrat
Max Baucus, would see the richest taxpayers, who are disqualified under the bill
passed by the House, also receiving rebates.
However, both the House and the Senate versions of the bill provide tax incentives
to businesses to enable them to purchase equipment and other items to assist in
the development of businesses.
Despite the differences that could appear in the Senate version of the
economic stimulus bill, it is expected that the Senate finance committee should
vote on that bill soon. If the bill is approved by the Senate it should go to
President Bush by February 15 for his signature.
Some analysts believe that the attempts by the Senate Democrats and Republicans
to increase the economic package could drag out the approval of the bill, and
it could miss the February 15 schedule.
The Senate’s minority leader, Republican Senator Mitch McConnell, said the
Senate should simply pass the House measure, which would send it straight to
Bush for his signature. "This is not a time to get into some kind of
testing of wills between the two congressional bodies. This is a time to show
we can rise above partisanship, do something important, and do it
quickly," McConnell said.
House Speaker Nancy Pelosi, D-Calif., cautioned against adding items that could
hinder an economic recovery or scuttle the bipartisan agreement.
The Senate plan would send rebates to some 20 million senior citizens not
covered by the House plan, because they don't have income, and also extends
unemployment payments for 13 weeks for those whose benefits have run out, with
26 more weeks available in states with the highest unemployment rates.
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