2008 Woodie Awards
House passes stimulus
Rici Chamberlain
Issue date: 2/11/08 Section: News
The House of Representatives and the Senate compromised and passed a $167 billion stimulus bill that will send out tax rebate checks of $300 to $1,200.
The bill calls for a one-time tax rebate to go to individuals making less than $75,000 and married couples making less than $150,000.
Nearly everyone who earned a paycheck in 2007 totaling at least $3,000 in the year would receive from $300 to $600 from the IRS.
This would include many of the students on campus.
Families with children would also receive an additional payment of $300 per child.
The bill passed in the House with a 380 to 34 majority vote. It also passed in the Senate with an 81 to 16 vote.
The president is expected to sign the bill sometime next week according to CNN.
"This bill is a shot in the arm for the economy," Rep. John Boehner, House minority leader told CNN.
The bill's purpose is to encourage everyone's spending and jump-start the economy, but some students have a different idea in mind if they receive $300.
First-year student Rayna Schadewald is one of these students.
"I would invest it in my savings account to earn interest for my books next semester," Schadewald said.
Paying bills and saving for books is a big priority for students, especially for many who live paycheck to paycheck
"If I were to receive $300 I would use it to pay off part of my car payments," said Sarah Murphy, a senior at SCSU.
Others said they would split the money between expenses.
"If I had an extra $300 I would first put $200 away for a down payment on a car, as mine was totaled and towed away recently.
"With the remaining $100 I would go to the grocery store and buy lots of fruits and vegetables, especially ones that are out of season," said Sarah Stroschein, third-year SCSU student.
The checks will start going out in May according to CNN.
The bill calls for a one-time tax rebate to go to individuals making less than $75,000 and married couples making less than $150,000.
Nearly everyone who earned a paycheck in 2007 totaling at least $3,000 in the year would receive from $300 to $600 from the IRS.
This would include many of the students on campus.
Families with children would also receive an additional payment of $300 per child.
The bill passed in the House with a 380 to 34 majority vote. It also passed in the Senate with an 81 to 16 vote.
The president is expected to sign the bill sometime next week according to CNN.
"This bill is a shot in the arm for the economy," Rep. John Boehner, House minority leader told CNN.
The bill's purpose is to encourage everyone's spending and jump-start the economy, but some students have a different idea in mind if they receive $300.
First-year student Rayna Schadewald is one of these students.
"I would invest it in my savings account to earn interest for my books next semester," Schadewald said.
Paying bills and saving for books is a big priority for students, especially for many who live paycheck to paycheck
"If I were to receive $300 I would use it to pay off part of my car payments," said Sarah Murphy, a senior at SCSU.
Others said they would split the money between expenses.
"If I had an extra $300 I would first put $200 away for a down payment on a car, as mine was totaled and towed away recently.
"With the remaining $100 I would go to the grocery store and buy lots of fruits and vegetables, especially ones that are out of season," said Sarah Stroschein, third-year SCSU student.
The checks will start going out in May according to CNN.