Americans can finally celebrate the tax rebates by Martina Harvanova

The U. S. Congress has finally resolved the currently notorious issue about the possibility of the economic recession in the world's largest and most powerful economy. A stimulus package to avert or at least soften the eventual danger of slowdown discussed for more than five months that mostly Democrats and Republicans quarreled about has been passed by the Senate on Thursday. And President Bush is likely to sigh it on Wednesday 13th although the public and analysts differ in the opinions about the right shape and found solutions of it. There are two sides of the coin. The arrangements to help the economy that slowly started to fall into the credit crunch, housing slump and also a loss of jobs in January were at least expected and definitely inevitable. On the other hand, the tax rebates that compile the recently approved bill are, in fact, causing twice as high budget deficit as last year's one. Consequently, government finances can probably face a damage due to the low income in the treasury this year, as some politicians worry. However, particular steps needed to be taken and the same opinion also George Bush maintains. As he said, the bill will help stimulate consumer spending, because the support of the economy is based on tax rebates and investment incentives. A $152 billion package guarantees one-time rebates for individuals up to $600, for couples $1,200 and for each child $300. Veterans, elderly people and others with low income won't stay out of game as they will get $300 checks. North American part of the world got scared of the decline and the officials do everything what they can to make the worries disappear. Moreover, the issue seems not to apply just to the United States. Fears about the global effect of the recession hit even wider public and also the election fight for the U. S. President got marked with the dispute about the situation. And other people in developing countries can again listen to the news about how great life the U. S. citizens are experiencing & they will even get some extra money!

related story: http://news.yahoo.com/s/ap/20080207/ap_on_go_co/economy_stimulus;_ylt=Atj6CXFD0KAR1MKxoiwGRwCs0NUE

by Martina Harvanova for PocketNews (http://pocketnews.tv)

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