VOA Text for May 28 Class

Economic Stimulus Package

After a week of intense negotiations congressional leaders announced a deal with the White House that would give an estimated 116 million low and middle income Americans rebate checks worth as much as 600 dollars each. House minority leader John Baynard says the package includes tax breaks for businesses, “This agreement is a big win for the American people. It’ll stimulate our economy in the most direct and effective way possible by putting money in the hand of middle income American families and by giving businesses incentives to create and build new jobs in our country.” The rebates would be limited to individuals with a maximum income of 75,000 dollars and working couples who earn up 150,000 dollars. Those with children would receive an additional 300 dollars per child. Democrats wanted improvising to increase food stamp and increase unemployment benefits but house speaker Nancy Pelosi says the provisions were dropped in exchange for 300 dollar rebates for low income Americans who pay little or no taxes. “I can’t say that I am totally pleased with the package, but I do know that it will help stimulate the economy and if it does not there will be more to come.” The package includes about 50 billion dollars in tax cuts that would allow businesses to write off as much as fifty percent for purchases of equipment. President Bush praised congressional leaders and encouraged lawmakers to approve the bill quickly. “Because this country needs this boost to the economy now." I urge the house and the senate to enact this economic growth agreement into law as soon as possible. We have an opportunity to come together and take the swift, decisive action our economy urgently needs.” U. S. Treasury Secretary Henry Paulsen brokered the bi-partisan deal, “The house has set a standard and it’s a, it’s a very important standard and the American people, we owe the American people speed and we owe them a package that’s gonna work.” Paulsen says the first rebate checks could go out as soon as sixty days after both houses of congress pass the stimulus plan. “Milloc Sagen, VOA News.”