The US Congress last night passed a $152 billion plan to stave off an election-year recession by sending government rebates to millions of Americans and providing business tax incentives.
The legislation will provide one-time rebates of up to $600 for individuals or $1,200 for couples, plus $300 for each child. Low-income people, including retirees on Social Security and disabled veterans who pay no income taxes, would receive checks of $300.
The rebates would start to phase out for people with taxable incomes of more than $75,000 for individuals and $150,000 for couples.
The House of Representatives passed the bill by 380-34, just hours after the Senate cleared the measure on a vote of 81-16. President George W. Bush is expected to sign the bill next week.
Mr Bush praised the final package. "This plan is robust, broad-based, timely, and it will be effective," he said. "This bill will help to stimulate consumer spending and accelerate needed business investment."
The final bill was broader than the original House-passed package backed by Mr Bush. The Senate added the elderly and disabled veterans who had been left out of the House bill.
To win more Republican support in the closely divided Senate, Democrats had to drop demands for benefits for long-term unemployed workers and other provisions that would have helped low-income people pay heating bills and home builders write off current year losses against previous tax years.
The Senate also added measures to help ensure illegal immigrants did not receive rebate checks.