JWG via DTN 15 January 2023 JT and Rae have been reading the tar baby saga and are trying hard…
U.S. economic stimulus package
February 15, 2008
(The Economist) George Bush signed an economic stimulus package that will supply $168 billion—$152 billion of it this spring. The measure forms part of a government endeavour to stave off a recession in America. It ensures that rebates of up to $1,200 will be posted to households and also provides businesses with new tax breaks. Earlier, Hank Paulson, the treasury secretary, announced another initiative to help struggling homeowners by placing a 30-day freeze on certain kinds of foreclosures. RealtyTrac, an online property firm, said that foreclosures in America’s largest urban areas rose by 78% last year, to 1.8m. The idea of giving flagging economies a fiscal boost is back in fashion
WASHINGTON, Feb. 14 (Xinhua) — U.S. President George W. Bush signed a 168-billion-U.S.-dollar economic rescue package Wednesday to fend off a possible economic recession.
“I know a lot of Americans are concerned about our economic future. Our overall economy has grown for six straight years — but that growth has clearly slowed,” Bush said at a White House signing ceremony.
The stimulus plan was achieved after he held talks with leaders of Congress last month about “whether or not we could come together to provide a booster shot for our economy — a package that is robust, temporary, and puts money back into the hands of American workers and businesses,” Bush said.
A Look at Economic Stimulus Package
By The Associated Press
What’s in the economic stimulus package being signed by President Bush.
_Tax rebates: At least $300 to almost everyone earning a paycheck, including low-income earners. Social Security recipients and disabled veterans making too little to pay income taxes would receive $300 checks as well, as long as they have at least $3,000 in income from various sources in 2007. People paying income taxes could receive rebates of up to $600 per individual and $1,200 for couples.
Families with children would receive an additional $300 per child. The full rebate would be limited to individuals earning $75,000 or less and couples with incomes of $150,000 or less, but a partial rebate would go to individuals earning up to $87,000 and couples earning up to $174,000. The caps are higher for people with children. Illegal immigrants are disqualified.
_Business tax write-offs: So-called bonus depreciation and more generous expensing rules to spur investment.
_Housing rescue: Allow more subprime mortgage holders to refinance into federally insured loans by raising the limit on Federal Housing Administration loans from $362,790 to as high as $729,750 in expensive areas. Increase the availability of mortgages by providing a one-year boost to the cap on loans Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets.