US President George W. Bush has urged the United States Congress to quickly okay and pass the economic stimulus package that was void of extra spending. Bush said only quick action will kick start the United States economy.
“I strongly believe it would be a mistake to delay or derail this bill,” President Bush had said.
“I understand the desire to add provisions from both the right and the left,” he added. He said hat would be an error. The remarks were made at a gathering of House Republicans near Washington at a congressional retreat.
This has been a much anticipated deal between the George W. Bush administration and House leaders to speed the tax rebate checks to workers by May. However, the United States Senate is in a jam deciding whether to add to the measure. But, the White House has warned against that.
The White House is urging for immediate action and leaders in the House are in fear that if the Senate attempts to rework the things, the stimulus deal could fall apart. Dana Perino, Bush’s press secretary gave the suggestion that the president would be opposed to increased spending by the Senate.
“We believe that this a very good bipartisan compromise and it would be unfortunate if the Senate did anything to slow it down or blow it up,” Perino said. She adds: “It will give the economy the boost that it needs but only if it arrives on time. … There is a need for speed when it comes to this economic growth package and Americans are expecting action now.”
The agreement announced by the White House and the House of Representatives would mean that individual tax payers get up to $600 in rebates. Working couples receive $1,200 while those with children would get an extra $300 per child.
The phase out for the rebates is gradual for individuals whose adjusted gross income goes over $75,000 and for couples with incomes over $150,000. IRA and 401(k) retirement accounts along with health savings accounts would not count towards the limit of income.
The bill will go to the House floor next week and then onto the Senate. Democratic Senator Edward Kennedy promises to try to add elements such as extending unemployment benefits for the workers who had their benefits run out.
While this looks to be popular in the Senate, the Bush administration has indicated that it’s not likely to welcome that effort.
“I do not understand, and cannot accept, the resistance of President Bush and Republican leaders to including an extension of unemployment benefits for those who are without work through no fault of their own,” said Charles Rangel, who is the House Ways and Means Committee Chairman.
Rangel said that he was unhappy that House Speaker Nancy Pelosi agreed to throw those proposals out during the talks.
If the Senate approves quickly, the first rebates could go out in May and most can have them by July.