The House and Senate approved the president’s economic stimulus package and sent the bill to the president to be signed into law. Shortly after the congressional action, the president quickly signaled his approval of the measure. “This plan is robust, broad-based, timely, and it will be effective,” Bush said in a statement released on February 7. “This bill will help to stimulate consumer spending and accelerate needed business investment.”
Individuals who have an income between $3,000 and $75,000 will receive check amounts of $300 to $600. Married taxpayers who earn up to $150,000 will receive $1,200. Included in this package is also a $300-per-child tax credit. According to CNNMoney.com, “The package also includes tax breaks for equipment purchases by businesses, as well as payments to disabled veterans and some senior citizens.”
Critics of the measure included congressman and presidential candidate Ron Paul (R-Texas). In his weekly column, Paul stated: “I am in favor of taxpayers getting some of their money back, however temporary tax cuts and one-time rebates will not ‘fix’ the economy. What we desperately need right now is real deep significant tax cuts that are enabled by big spending cuts and reduction of government waste that is so rampant. Unfortunately, too many in Washington still believe we can spend our way into prosperity, which does not work and never has.”
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