My New Blog

This is great news for all of us.

The nation's struggling economy is one step closer to receiving a huge shot in the arm as both the House and the Senate overwhelmingly pass an emergency aid package. President Bush indicates he will sign the legislation, which includes sending rebate checks of $600 to $1,200 to most taxpayers -- possibly by May.Congress, facing the prospect of an election-year recession, passed an emergency plan Thursday that rushes rebates of $600 to $1,200 to most taxpayers and $300 checks to disabled veterans, the elderly and other low-income people. President Bush indicated he would sign the measure.

House passage by a 380-34 vote came a few hours after Senate leaders ended a drawn-out stalemate over the bill. Still, by congressional standards, lawmakers approved the legislation with exceptional speed to jolt the weak economy. The plan, which adds $168 billion to the deficit over two years, is intended to provide cash for people to spend and tax relief for businesses to make new investments — boosts for an economy battered by a housing downturn and credit crunch.