The Senate today added payments for seniors and disabled veterans to an economic stimulus package approved by the House that would send checks to most American families, and then approved the $151 billion package designed to help the United States economy. Families should begin receiving checks by mid-May. The legislation would provide $600 payments for individuals, $1,200 for couples, and $300 for each child under 17. It would begin to phase out eligibility at $75,000 in adjusted gross income for individuals and $150,000 for couples. Workers who can show $3,000 in earned income last year (not enough to pay taxes) would be eligible for payments of $300.
Businesses also would be given generous incentives to invest in new plants and equipment. As it pertains to mortgage blues, help arrives as the Federal Housing Administration and the federally-backed mortgage consolidators Fannie Mae and Freddie Mac would be allowed to insure larger home mortgages.
While spending can help the economy sending money to people is a temporary fix. Insuring larger home mortgages, on the other hand, is the important part of the package. Now the government must guard against future abuses.
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