House to Vote on Stimulus Bill Today

The Senate approved a revised version of the 170 billion dollar economic stimulus package created by Bush and Congress a few weeks back.

The revised package still provides the one-time rebates of up to $600 for individuals and $1,200 for couples plus $300 for each child. In addition to these rebates the new version includes retirees on Social Security and disabled veterans. A separate change in the Senate was designed to ensure that illegal immigrants do not get rebate checks. The new version was delayed in the Senate until Democrats agreed to drop their insistence on adding jobless benefits, heating aid for the poor and business subsidies.

“Discretion is the better part of valor. The best thing for us to do is declare a big victory that we’ve achieved, namely getting the rebate checks to 20 million seniors and 250,000 disabled veterans,” said the chairman of the Senate Finance Committee, Sen. Max Baucus, D-Mont.

Although I personally feel the bill was delayed for the wrong reasons. Realistically what will help the economy the most in terms of freeing up liquidity part of the credit crunch is the 125% increase of Fannie Mae, Freddie Mac, and FHA loan limits based off of the median home prices. This change will help free up money for the floundering jumbo loan market. I just do not feel that a check for 600 to 1,200 dollars is going to do much for helping individual hardship.

To read more about congress expected to pass stimulus plan today head on over to CNBC.