Senate Approves Economic Stimulus Plan

The U.S. Senate approved a $168 billion economic stimulus plan this afternoon.

Now the vote goes  back to the House of Representatives for final approval this evening so it can be back on President Bush’s desk for his signature.

The Senate Democrats and Republicans had difficulty getting their heads together on exactly what the package would include and who would benefit. In the end, the compromise included comments from both Democratic majority leader, Harry Reid and Montana Democrat Max Baucus about their attempts to make the House bill better and declaring it a victory overall due to getting rebate checks to over 20 million seniors and 250,000 disabled veterans.

The program calls for rebates ranging from $300 to up to $1200 for most taxpayers. Also, payments of $300 to people who paid no income taxes but did earn $3,000 or more from Social Security or veteran’s disability benefits as well as various tax incentives for businesses.

There’s a sense of urgency on the matter because the House is not in session on Friday this week and there’s pressure to get the House to vote this evening on the new package with Senate revisions. Most experts suspect that the package will roll smoothly through the vote as the original bill from the House of Representatives hasn’t been changed much or isn’t “radically different’ from what the Senate received from the House.

I’m still scanning the media and looking for solid info regarding the terms of FHA loans and Jumbo limits to see if we have changes coming in that arena.


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