[Anyone] mikeintaos gets more $$$

[Thos Myers]

House Passes $146 Billion Economic Aid Package
The Associated Press

Tuesday 29 January 2008

Washington - The House, seizing a rare moment of bipartisanship to respond
to the economy's slump, overwhelmingly passed a $146 billion aid package
Tuesday that would speed rebates of $600-$1,200 to most taxpayers.

The plan, approved 385-35 after little debate, would send at least some
rebate to anyone with at least $3,000 in income, with more going to
families with children and less going to wealthier taxpayers.

It faced a murky future in the Senate, though, where Democrats and
Republicans backed a larger package that adds billions of dollars for
senior citizens and the unemployed, and shrinks the rebate to $500 for
individuals and $1,000 for couples. That plan, written by Finance
Committee Chairman Max Baucus, would deliver checks even to the richest
taxpayers, who are disqualified under the House-passed measure.

Both versions would provide tax breaks to businesses to spur equipment and
other purchases.

Baucus, D-Mont., planned a Wednesday vote in his committee, and Majority
Leader Harry Reid has said he hopes to have it approved by week's end.
Congressional leaders are aiming to send the measure to President Bush by
Feb. 15.

But the divergent plans - and bids by Senate Democrats and Republicans to
swell the package with more add-ons - could drag out that schedule.

Sen. Mitch McConnell, R-Ky., the minority leader, said the Senate should
simply pass the House measure, which would send it straight to Bush for
his signature.

"This is not a time to get into some kind of testing of wills between the
two congressional bodies. This is a time to show we can rise above
partisanship, do something important, and do it quickly," McConnell said.

The House plan brought together Democrats and Republicans, both of whom
surrendered cherished proposals to reach a deal.

House Speaker Nancy Pelosi, D-Calif., cautioned against adding items that
could hinder an economic recovery or scuttle the bipartisan agreement.

"It's important that this bill not get overloaded. I have a full agenda of
things I would like to have in the package, but we have to contain the
price," Pelosi said. "We made a decision, because that's where we could
find our common ground."

Republican leaders, too, described the measure as an imperfect compromise
that would provide a needed jolt to the economy.

Americans "expect us to find ways to work together, not reasons to fight
with each other," said Rep. John A. Boehner, R-Ohio, who forged the
agreement with Pelosi in consultation with Treasury Secretary Henry M.
Paulson.

"The sooner we get this relief in the hands of the American people, the
sooner they can begin to do their job of being good consumers," Boehner
said.

The measure would send rebates to some 111 million people, including
roughly 35 million families who don't make enough to pay income taxes.
Individuals with adjusted gross income of $75,000 and couples making
$150,000 would get rebates equal to the taxes they paid, up to $600 for
individuals and $1,200 for couples. Those making more than that would see
their rebate go down by 5 percent of every dollar of income over the
limits.

Taxpayers would get at least $300, even if they paid less than that in
taxes - or $600 for couples. That's also the case for those who don't pay
income taxes but earn at least $3,000.

All eligible people would get an additional $300 per child.

In the Senate, Baucus' proposal removes the income caps and would send
rebates to some 20 million senior citizens not covered by the House plan
because they don't have income.

It also extends unemployment payments for 13 weeks for those whose
benefits have run out, with 26 more weeks available in states with the
highest jobless rates.

The Senate measure restores a business tax break dropped during the House
negotiations that would permit corporations suffering losses now to
reclaim taxes previously paid.

Both packages include roughly $50 billion worth of tax incentives for
businesses to invest in new plants and equipment.

Baucus said he, too, wanted to avoid burdening his proposal with extras.

"The more that this is kept slimmed down and it's clean and simple, the
better. I do not want it loaded up with lots of other provisions," said
Baucus, D-Mont. "Nobody wants to be held responsible for stopping this
from going through."