According to the economic stimulus package proposed by President Bush, come June 2008, as many as 116 million American families could be receiving a fat check in the mail. Word. In response to the looming recession created by the sub prime-mortgage crisis and the stock market plunge, U.S. taxpayers would get a nice chunk of change from the federal government.

“Tens of millions [of] Americans will have a check in the mail, it is there to strengthen the middle class, to create jobs and to turn this economy around, ” says speaker of the House Nancy Pelosi (D-California) at a news conference.

Although it’s been approved by Bush and leaders of the House, the stimulus package is not 100 percent passed yet. Next week it goes to the House for full approval and then on to the Senate. Since 70 percent of the U.S. economy comes from consumer spending, such a plan could send much needed energy to the lagging economy.

The Plan

If you earn up to $75,000 individually or up to $150,000 as a couple:

• Checks of $600 would be sent to individuals who paid income tax
• Checks of $1200 would be sent to couples who filed jointly
• An additional $300 per child

If you DID NOT pay federal income taxes but earned an income of more than $3,000:

• Checks of $300 per individual or $600 per couple
• An additional $300 per child

Will tax rebates be enough to prevent a recession?

What will you do with your check?

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