Whitehouse and House Reach Agreement on Economic Stimulus Plan
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The Bush administration and the house reached an agreement on a economic stimulus package to boost the struggling US economy. The plan will include a tax rebate check to about 117 million US families and will also give businesses incentives to buy new equipment.
Under the plan, individuals earning at least $3,000 would get between $300 and $600. Couples can receive up to $1,200. In addition, families will receive a rebate of $300 per child.
The plan also raises the limits on mortgages that Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) can invest in from $417,000 to $625,000.
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