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Posted on 04/25/2008 7:57:28 PM PDT by 2ndDivisionVet
President Bush said tax rebates will start going out Monday, earlier than previously announced, and should help Americans cope with rising gasoline and food prices, as well as aid a slumping economy.
Democrats said they were glad the rebate checks were about to go out, but suggested that multinational oil companies were not among the businesses the stimulus package was originally designed to help.
"Starting Monday, the effects of the stimulus will begin to reach millions of households across our country," Bush said Friday in remarks on the South Lawn of the White House.
Those first rebates will be directly deposited into people's bank accounts. The Internal Revenue Service had been saying direct deposits wouldn't start until next Friday. Bush said paper checks would begin going out on May 9, a week earlier than previously announced.
The complete disbursement schedule is as follows, based on the last two digits of an individual's social security number:
Direct Deposit
SSN Disbursement Date
00-20 May 2
21-75 May 9
76-99 May 16
Paper Check
SSN Disbursement Date
00-09 May 16
10-18 May 23
19-25 May 30
26-38 June 6
39-51 June 13
52-63 June 20
64-75 June 27
76-87 July 4
88-99 July 11
"The money is going to help Americans offset the high prices we're seeing at the gas pump, the grocery store, and also give our economy a boost to help us pull out of this economic slowdown," Bush said.
Bush's emphasis on fuel and food prices differed from other comments he's made since signing the economic stimulus legislation, intended to aid the economy by boosting overall consumer spending -- which accounts for roughly two-thirds of the nation's economic activity.
Bush has suggested the rebates could trigger a spending spree. "When the money reaches the American people, we expect they will use it to boost consumer spending," he said last month.
By saying expressly that people could use these one-time checks to pay for such necessities as food and gas, Bush underscored the deepening challenges facing the economy.
Democrats were quick to pick up on the change of focus.
"It's galling to think that taxpayers' stimulus checks will be lining the pockets of OPEC. The sad truth is that the average American family will spend almost their entire stimulus check on higher gas prices this year," said Sen. Charles Schumer, D-N.Y., chairman of the Joint Economic Committee of Congress.
OPEC is the Organization of Petroleum Exporting Countries.
"Unless the administration gets OPEC to increase oil supply, American consumers are going to be in for a scorching summer of $4 gasoline with no relief in sight," Schumer said.
House Speaker Nancy Pelosi, D-Calif., agreed that people "need this rebate to cope with the rising cost of gas and groceries." She said that, while the rebates would help to get the economy moving, there was a need for a second stimulus package "and we have begun some conversation with the administration and Republicans."
As he had earlier in the week, Bush used the word "slowdown" to describe the state of the economy. He has denied that the nation is in a recession, although many economists say it is.
"It's obvious our economy is in a slowdown. But, fortunately, we recognized the signs early and took action," Bush said.
The rebates -- up to $600 for an individual, $1,200 for a couple and an additional $300 for each dependent child -- are the centerpiece of the government's $168 billion stimulus package, enacted in February. Roughly 130 million households are expected to get them.
Bush made the comments before boarding his helicopter at the start of a day trip to Connecticut.
People must file a tax return for their 2007 income to be eligible for a rebate check.
The IRS now says all checks for those who filed tax returns on time are scheduled to be deposited or mailed by July 11.
The economy -- burdened by the collapse of home prices, a financial and credit crisis, and now rising energy and food prices -- grew at an anemic 0.6 percent in the final three months of last year and is believed to have gotten even weaker in the first three months of this year.
The government will report on the first quarter's performance next week.
With the economy faltering, the nation's unemployment rate has climbed to 5.1 percent, the highest since September 2005, when it suffered from the devastating blows of the Gulf Coast hurricanes. Job losses in the first three months of this year neared the quarter-million mark.
Foreclosures have surged to record highs and financial companies have taken multibillion losses on mortgage investments that soured. The situation has sent a tremor through Wall Street and has sent the administration, Congress and presidential contenders looking for ways to provide relief.
haha thanks, thats was actually the first part to a full body suit of tin foil armor I was building.
“drilling for more domestic oil...wow”
LOL!
And how about NOT pushing the agenda that we should be putting corn in fuel tanks thus causing a worldwide food shortage?
Government “solutions” always wind up screwing everything up worse than it was in the first place.
are you going to send your check back?
“I’m going to finally be able to buy a decent concealed carry holster for my glock 30 and 1911. oh and a few hundred rounds of ammo.”
what are you so bitter about that would make you cling to your gun like that? :)
are you going to rip up the check and send it back?
It's pathetic!
Before long, we will all be standing in line for a handout. From the MASTERS.
I am taking my 600.00 and putting it in the bank. This is a refund I earned it.
Yes. But I'd really like something smart-ass to say along with the action.
You know, that is not my money (though I've "contributed" plenty) it is the money of my Country, money that good people earned.
Money that Uncle Sam wants to use to make himself look good..
55 gal drum of tar - x
Bags of feathers- x
Cases of 5.56mm -x
Hangman's Rope - x
MRE's -x
Working, saving, learning and waiting...
You earned it. Why is everybody in such a tizzy over this? (Just so you know, I was not trying to be a smarty pants. I just wanted to tell you that:-)
I’ll tell you what torks me off a bit, that they are giving checks to people who didn’t pay any taxes.
Why not?
That torks me too.
It smells of "payoff"
Now, about that letter I send with the torn check, I' m not good at that sort of thing.
If I don't have direction otherwise, I may send it with a note that says, simply, - **ck off - not very classy, you know?
You know, you gotta do what you feel like you need to do. I can almost understand how you feel, but I have no problem excepting a check. I think they should return money to taxpayers. I can spend it better than they can.
My kids and their kids forever will have to pay this back, either in taxes or in a weaker dollar or both.
Some of had said that there isn't any difference between the R and D parties. This bipartisan effort to put money in our pockets before the elections is a blatant attempt to purchase our votes for the incumbent of your choice.
What really needs to happen is a tax revolt, a "Boston Tea Party".
Yes, it is.
And we allow them to think it is working.
My brother asks: can one file their 2007 taxes and receive a check even if one did not file 2006, and/or owe the IRS taxes?
I heard if you owe taxes, the IRS will take your "rebate" check.
I’m delighted to be getting some money. Call it a tax cut, call it a rebate, whatever. I am not complaining.
We are taking a whack at our credit cards. Who else is doing what?
I get nothing. Time to find a third party. GOP = DEM
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