Congress Sends Economic Stimulus Bill to the President</A

Feb 7, 2008

Washington, D.C. — A final economic stimulus package that will provide tax rebates to millions of Americans, including over 700,000 Washington state seniors, has passed Congress with support from U.S. Representative Rick Larsen (WA-02) and will be sent to the President’s desk for signature.  Earlier today, the Senate added an amendment to the legislation passed by the House last week to make low-income senior citizens, disabled veterans and the survivors of disabled veterans eligible to receive rebate checks. The amended stimulus package (H.R. 5140) passed the House tonight by a vote of 380 to 34.

“Congress has taken quick action to help our economy get back on track,” said Larsen. “I’m disappointed that we did not extend unemployment benefits as part of the stimulus package, but I’m glad that disabled veterans and low-income seniors are included in the final bill.”

According to an analysis by AARP, 715,067 Washington state residents age 65 and over would be eligible for rebate checks under the plan.  Older Americans spend 92% of their income, a higher percentage than other adults.

Under the stimulus plan, families will receive tax rebates of up to $1,200 per couple, plus $300 per child, as early as mid-May. The legislation also includes tax relief to help small businesses create jobs, encouraging investments in new equipment and doubling the amount small businesses can immediately write off their taxes for capital investments. To expand affordable mortgage opportunities for families at risk of foreclosing on their homes, the measure also includes a one-year increase in the loan limits from Fannie Mae and Freddie Mac.

###