Brexit & EconomyPoliticsSenate panel expands Bush’s stimulous package

Senate panel expands Bush’s stimulous package

A key Senate committee has expanded the US economic stimulus package to $US151bn

A key Senate panel today voted 14 to seven for an economic stimulus package
worth $US157bn (?79bn) over 10 years, expanding tax breaks beyond those approved
by the House of Representatives yesterday at $US147bn. The full Senate is
expected to take up the economic stimulus package later today.

‘This package will put rebates into the hands of 20 million additional
American seniors, plus lower-income payroll taxpayers and disabled veterans –
all of whom will spend this money quickly and give our economy the shot in the
arm that it needs,’ Senator Max Baucus,
Senate Finance
Committee
chairman, said.

The package doubles the income ceiling for people receiving rebates, to
$US150,000 for an individual and $US300,000 dollars for a married couple but
reduces the rebates to $US500 for an individual and $US1,000 for a couple,
compared to $US300 yo $US600 for an individual and $US1,200 for a couple under
the House version, according to
Agence
France-Presse
.

While the House version made rebates available only to those with an income
of at least $US3,000 dollars, the Senate version said that figure can include
social security and veterans disability benefits, effectively increasing the
reach of the benefits to more than 20 million more people, especially retirees.

Further reading:

Bush calls for tax cuts to stimulate economy

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