The House and the Senate approves a deal on rebates
2008-02-08 19:02:19 (GMT) (Caymanmama.com - Business Government News)New York: The Senate and the House approved a plan of approximately $170 billion on Thursday. The plan which aims at stimulating the financial system by conveying rebate checks to a large number of tax payers, putting forward tax breaks to companies and attempting to relieve the critical situation of home lending. President George Bush is anticipated to sign the bill in the following week, and the Treasury Department may begin sending out the rebate checks during the month of May.
The plan has been approved through back to back votes and will provide momentary tax breaks to companies and has two features that aim at helping the home owners to refinance or get mortgages in high price markets.In addition to this, the present bill aims at providing one time rebates for 117 million households of low and middle income sections, for 20 million old people who are living without any social security and for 250,000 handicapped veterans.
President Bush, in support of the plan said “This plan is robust, broad-based, timely, and it will be effective. This bill will help to stimulate consumer spending and accelerate needed business investment.” The legislation aims at boosting the declining economy by giving cash in consumers’ hands, and at the same time, giving companies some monetary incentives so that they can invest in equipments and plants and thus create job opportunities.
Witnessing a chain of statements that the economy was troubled, the officials of Bush administration and lawmakers of the House had a meeting last month and showed full cooperation with each other. Nancy Pelosi, C-Calif, the Speaker of the House said in a statement that “This is crucial part of our jobs agenda for America. It will help get our economy back on track and help families who are struggling with the high cost of energy, housing, health care, and groceries.”
CaymanMama.com - Press Release Distribution Service
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