Tentative Deal Reached on Economic Stimulus Package:
"House leaders and the administration reached tentative agreement today on a roughly $145 billion economic stimulus package that would quickly send payments to poor and middle class workers while offering businesses one-time incentives to invest in new equipment and write off tax losses.
. . .
"Under the deal, nearly everyone earning a paycheck would receive at least $300 from the Internal Revenue Service. Most workers would receive rebates of $600 each, or $1,200 per couple. Families with children would receive an additional payment of $300 per child. Workers who earned at least $3,000 last year -- but not enough to pay income taxes -- would be eligible for $300.
Full rebates would be sent to single taxpayers who earned up to $75,000 and couples with incomes of as much as $150,000. The value of the payments would decline after that and phase out entirely at incomes of roughly $87,000 for individuals and $174,000 for joint filers..
. . .
To address the underlying economic issue of the housing slump, administration officials agreed to expand the Federal Housing Administration's ability to insure higher-priced mortgages and to help homeowners threatened by foreclosure renegotiate their loans without sharp increases in their payments.
The package would temporarily increase the size of jumbo mortgages that can be bought by government-sponsored Fannie Mae and Freddie Mac, from $417,000 to as much as $625,500 in high-cost housing markets."
Thursday, January 24, 2008
Posted by Harriet at 1:23 PM