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US Senate panel passes $157 billion stimulus plan
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US Senate panel passes $157 billion stimulus plan
The US Senate Finance Committee approved a $157 billion economic stimulus package on the day before that offers smaller tax rebates to more people than a plan passed by the US House of Representatives. The committee approved the bill as the full Senate prepared to begin debate as early as Thursday on competing versions of an economic stimulus plan lawmakers hope will encourage consumer and business spending to help stave off an election-year recession. President George W. Bush wants the Senate to accept the $146 billion package passed Tuesday by the House. Senate Minority Leader Mitch McConnell of Kentucky has been pushing his fellow Republicans to reject the Senate Finance Committee bill and support the House version to avoid delays on issuing the rebate checks. The Finance Committee bill, approved on a vote of 14-7, would provide a flat $500 tax rebate to individuals and $1,000 for couples, plus $300 per child. The rebates also would go to about 20 million low-income retirees on Social Security who would not receive checks under the $146 billion House stimulus bill.
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