It is quite commonplace to observe that the government of a country passing some socially benefiting plan prior to the election to please the masses. It is also usual to see warring political parties agree on the topic as if they were not rivals at all. The US congress witnessed a similar event a few days back when the economic stimulus bill was passed.
The US Congress approved of an ambitious plan worth $152 billion to keep an election-year slump at bay. The economic stimulus bill has resorted to offering business tax incentives to increase spending and giving government discount checks to millions of countrymen.The President, Mr. George W Bush will sign the bill in the coming week. The House of Representatives made sure that the proposed bill reaches the President in time.
The last version of the economic stimulus bill turned to be bigger than what was originally planned. For instance, the Senate incorporated the provision of the senior citizens and disabled people. To keep out illegal immigrant population of the range of this bill, the language factor was added. The bill was sanctioned rather quickly as the members did not raise any significant objection. The opposition group was unanimous in their decision to clear the bill. The forthcoming reelection in November was the main reason behind this rare show of camaraderie.
The Economic Stimulus Bill, as it is being called, covers all segment of the US population and there are rebates for everyone. Every individual is entitled to receive a one time rebate of $ 600.For the couples the amount is the double of that. Each child will get $300. For people with meager income or retired persons the rebate amount is the same. The Treasury Secretary of the Congress, Mr. Henry Paulson has assured that around 130 million Americans will be benefited from this scheme. Even the president was full of praises for the plan. He was hopeful that this bill will be able to encourage consumer spending habit.
The American economy, which is going through a downward curve, will receive a required boost from this economic stimulus bill, as per the economists views. They feel it will make Americans go for a shopping overdrive. There are certain provisions in the bill to increase housing loans to help the whimpering housing sector. Whether the bill will actually stimulate the sagging US economy it remains to be seen. Some skeptics however have said that major public convenience issues still remain to be addressed.
economic stimulus bill
