January 29, 2008

House Passes Stimulus Package

The House approved a $146 billion economic stimulus package today on an overwhelming 385-35 vote. The package now heads to the Senate, where tinkering with the bill is being criticized by lawmakers who reached a deal with President Bush.

"I would hope that the timely aspect of this is recognized by my colleagues in the Senate," House Speaker Nancy Pelosi said. "We have to have a stimulus. There's just no question. Once you understand that, then you have a responsibility to work back to that and find common ground. I would hope that what the Senate does is respectful of the focus that we have on middle-class and lower-income people."

The House measure would send rebate checks worth $600 to individuals and $1,200 for families, plus $300 per child, while providing tax breaks to businesses. Most of the revenue loss associated with the bill takes place in FY08.

See CongressDaily (subscription) and The Gate's previous coverage of the House-negotiated bill for more details.

-Peter Cohn, CongressDaily

Posted at 3:37 PM
Posted to: Bush Administration, Congress, Economy, House, President Bush, Senate
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