Stimulus Plan Passes Senate, 81-16

By February 7, 2008Economy, Taxation

OK. From CBS Marketwatch:

The Senate passed a $150 billion economic stimulus package designed to provide a timely, targeted and temporary boost to the flagging U.S. economy.
One day after Republicans successfully filibustered a broader plan favored by the Senate Finance Committee, the Senate approved the Republican-backed measure, nearly identical to one passed by the House last week, on an 81-16 vote on Thursday.
The House will take up the bill quickly, perhaps on Thursday, and is likely to send it to President Bush for his signature by the weekend.

Timely enough.

More: Thomson Financial, Bloomberg.

Speaking of timely, Treasury Secretary Paulson has a statement:

“I congratulate the Senate leaders for their quick action to pass a bipartisan economic growth package that is temporary, broad-based, and will get money into our economy quickly. This package of payments to individuals and incentives for businesses to invest will support our economy as we weather the housing downturn.

“It was a pleasure to work in a bipartisan spirit with House and Senate leaders to act quickly to support our economy and create jobs this year. Our cooperative effort demonstrates to the nation and the world that we can come together to address the needs of the American people.

“As soon as this legislation is passed by both houses, the IRS will begin its work to get payments out to more than 130 million Americans. The IRS will manage the current tax filing season and simultaneously prepare to issue these additional payments starting in early May. Payments will be largely completed this summer, putting cash in the hands of millions of Americans at a time when our economy is experiencing slower growth.”

Join the discussion One Comment

  • david foster says:

    So what are the specifics on the “business investment incentives?” I can’t find anything in any of the reporting.

    Which probably says something right there about the relative focus on consuming vs producing…

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