Bush: Will Sign Economic Stimulus Bill

WASHINGTON (Reuters) – U.S. President George W. Bush said on Fridayhe would sign a $152 billion economic stimulus package into law nextweek.

The Senate and House of Representatives on Thursday approved themeasure, a series of tax rebates and business incentives aimed atstaving off an election-year recession in the struggling U.S. economy.

"We are in a period of economic uncertainty and we’ve acted again,"Bush told a conservative conference in Washington. "I want to thank themembers (of Congress) for passing a good piece of legislation, which Iwill sign into law next week."

"This bill reflects our principles. It is robust, it is pro-growth,it stimulates business investment and it puts money into the hands ofAmerican consumers," he added.

The legislation will provide one-time rebates of up to $600 forindividuals or $1,200 for couples, plus $300 for each child. Low-incomepeople, including retirees on Social Security and disabled veterans whopay no income taxes, would receive checks of $300.

The final bill was broader than the original package backed by Bush.The Senate added the benefits for elderly and disabled veterans, whohad been left out of the House bill.

To win more Republican support in the closely divided Senate,Democrats had to drop proposed benefits for long-term unemployedworkers and other provisions that would have helped low-income peoplepay heating bills and home builders write off current year lossesagainst previous tax years.

The Senate also added language to ensure illegal immigrants did not receive rebate checks.

With the latest economic date suggesting the U.S. economy isstalling, the bill will inject nearly $152 billion into the economythis year and more than $16 billion next year.

Some economists have said, however, that while the measures will buy time, they may not be enough to avert recession.

(Reporting by Matt Spetalnick and Alan Elsner)

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