本文发表在 rolia.net 枫下论坛Congress Approves $151 Billion U.S. Economic Stimulus Measure

By Alison Fitzgerald and Brian Faler

Feb. 7 (Bloomberg) -- The U.S. Congress gave final approval to a $151 billion economic stimulus package that will send tax rebate checks to more than 100 million households in an effort to boost the slowing economy.

In an 81-16 vote, senators agreed to add rebates for 20 million senior citizens and 250,000 disabled veterans to a measure previously approved by the House. That chamber approved the revised bill 380-34 less than three hours later, sending it to President George W. Bush for his signature. Bush signaled he would sign the measure.

``This bill will help to stimulate consumer spending and accelerate needed business investment,'' he said in a statement from the White House.

Besides the rebates and incentives for businesses to invest in new equipment, the measure increases the size of mortgage loans that government-chartered mortgage-finance companies can buy.

``Today's agreement will speed rebate checks to the overwhelming majority of Americans, giving them needed tax relief,'' said Democratic Senator Max Baucus of Montana, the chairman of the Senate Finance Committee.

The measure was approved after Senate Democrats agreed to Republican demands to delete provisions extending unemployment benefits and boosting funding for home-heating assistance. Senate Republicans, who at first objected to changing the original House measure, agreed to add rebates for seniors and disabled veterans.

Growth Slowed

Senate Republican leader Mitch McConnell of Kentucky said the congressional action demonstrates that lawmakers ``are concerned about the slowing of our economy, and we want to do something about it very quickly.''

Economic growth in the fourth quarter slowed to a 0.6 percent pace, and U.S. employers cut jobs in January for the first time in four years, raising concern among some economists that the economy may slip into recession.

Republicans yesterday blocked consideration of the stimulus measure approved by the Senate Finance Committee because they opposed Democrats' plans to add extended unemployment benefits, home heating assistance and alternative energy tax credits to the measure passed by the House.

Republicans said those provisions would delay final action of the measure and might persuade Bush to veto it.

Rebate Checks

``It's not everything we want,'' said Senator Charles Schumer, a New York Democrat, of the measure approved today. ``But it's still a very good package, and we feel very good about it.''

The measure would send $300 tax-rebate checks to those whose Social Security benefits, veterans' disability payments and earned income totaled at least $3,000 last year. Those who earned enough to pay federal income taxes would receive more, with individuals eligible for as much as $600. Couples could receive $1,200 plus $300 for each child.

Lawmakers agreed to phase out rebates for individuals earning more than $75,000 and couples earning more than $150,000. Lawmakers also amended the legislation to ensure that illegal immigrants couldn't receive the checks.

The bill also doubles the amount of equipment costs a small business can expense in the first year to $250,000 and allows a 50 percent bonus depreciation for businesses that buy major equipment.

Buy Bigger Loans

Fannie Mae and Freddie Mac, the government-sponsored mortgage finance companies, will be allowed to buy loans worth as much as $729,750 for loans made between July 31, 2007, and Dec. 31, 2008, an increase over the current $417,000 loan limit. The move could help struggling homeowners refinance large mortgages at a lower interest rate. It will also allow the Federal Housing Administration to insure loans as high as $729,750 in expensive markets.

The legislation would cost the Treasury about $151.7 billion this year and an additional $16.3 billion next year, according to the Joint Committee on Taxation. Lawmakers waived congressional ``paygo'' rules requiring them to offset that expense with savings elsewhere in the budget to avoid adding to the deficit.

Grassley Happy

Senator Charles Grassley of Iowa, the ranking Republican member of the Finance Committee who co-sponsored the Senate bill with Baucus, said he was ``happy'' the 13-week extension of unemployment benefits was dropped.

``Part of our victory will be to moderate the anxiety that people have over the economy now,'' Grassley said. ``I think a lot of the slowdown is psychological because nobody knows what tomorrow is.''

Today's decision by Senate Democratic leaders to drop the jobless aid was made just a few hours after House Speaker Nancy Pelosi, a California Democrat, called for the Senate to add the rebates for retirees and disabled veterans and end the protracted debate over jobless benefits.

``I don't think any change in the bill is really worth the delay,'' Pelosi said.

Additional Measures

Schumer denied that Pelosi's comments undercut Senate Democrats' attempt to find more support for their version of the measure, which Senate Republicans blocked yesterday by a single vote. Democrats needed 60 votes to move the bill.

``I think it worked out very well between the House and Senate Democrats,'' Schumer said. ``Republicans told us that we would never get 60 votes.''

Democratic and Republican senators have talked about additional economic stimulus bills that would revive some of the proposals lost in today's compromise and add other ones such as increases in infrastructure spending.

``What's most important is that we do not suspend our efforts to provide relief to the unemployed and heating assistance to low-income families,'' said Senator Olympia Snowe, a Maine Republican who supported the Senate Finance Committee bill. ``The work of the United States Congress is far from over.''

To contact the reporters on this story: Laura Litvan in Washington at llitvan@bloomberg.net ; Alison Fitzgerald in Washington at Afitzgerald2@Bloomberg.net

Last Updated: February 7, 2008 19:45 EST更多精彩文章及讨论，请光临枫下论坛 rolia.net