Send news tip to FOXNews.com

SUBMIT

Stimulus Package at a Glance

Thursday, January 24, 2008

Congressional leaders have reached a deal with the White house on a bipartisan economic stimulus package that is expected to move swiftly through Congress and give most tax filers rebates of $600 to $1,200.

WHAT'S IN

— Tax rebates: Checks of at least $300 for almost everyone earning a paycheck, including low-income earners who make too little to pay income taxes, so long as they earned at least $3,000 in 2007. Families with children would receive an additional $300 per child, while those paying income taxes could receive higher rebates. The full rebate would be limited to individuals earning $75,000 or less and couples with incomes of $150,000 or less, but a partial rebate would go to individuals earning up to $87,000 and couples earning up to $174,000. The caps are higher for people with children.

— Business tax write-offs: Spurring business investments with so-called bonus depreciation and more generous expensing rules.

— Housing rescue: Raising the limit on Federal Housing Administration loans from $362,000 to $725,000. Boosting the cap on loans that Fannie Mae and Freddie Mac can buy from $417,000 to $725,000.

WHAT'S OUT

— Permanent tax cuts: Republicans conceded that their top priority would have to be left out.

— Unemployment insurance: Democrats wanted to extend benefits past 26 weeks.

— Food stamps: A boost for benefits.

— Medicaid: Democrats gave up on including Medicaid payments to states.

— Low-income heating subsidies: Democrats are surrendering the fight to include them.

— Infrastructure spending: Spending on transportation or repair projects already under way is off the table.

— Republicans' proposal to allow businesses suffering losses now to reclaim taxes previously paid was dropped.

Fox News Video
ADVERTISEMENT

Republican Presidential Nomination

RCP Average: McCain +30.4%

  • McCain
  • 56.7%  
  • Huckabee
  • 26.3%  
  • Paul
  • 6.5%  

Democratic Presidential Nomination

RCP Average: Obama +12.2%

  • Obama
  • 52.8%  
  • Clinton
  • 40.6%  

President Bush Job Approval

RCP Average: Spread -37.7%

  • Approve
  • 28.3%  
  • Disapprove
  • 66.0%  

Congressional Job Approval

RCP Average: Spread -57.7%

  • Approve
  • 17.3%  
  • Disapprove
  • 75.0%  

ADVERTISEMENT

ONLY ON FOX

Advertise on Fox News Channel, FOXNews.com and FOX News Radio. Advertising Specifications (PDF). Jobs at FOX News Channel. Internships At Fox News (Deadline for summer applications: Feb. 29, 2008)

Terms of use. Privacy Statement. For FOXNews.com comments write to foxnewsonline@foxnews.com; For FOX News Channel comments write to yourcomments@foxnews.com

This material may not be published, broadcast, rewritten, or redistributed. © 2008 FOX News Network, LLC. All rights reserved. All market data delayed 20 minutes.