If you have not heard, the House approved Bush’s stimulus package. So, we just need to wait for the Senate to approve the bill and then the Government will say "your check is in the mail." 
They are saying couples could get as much as $1200 in the form of a rebate check. The intention, of course is that everyone will go out and spend it, thus boosting our economy and help eliminate that nasty "R" word (recession).
This is the news clip, if you want a bit more detail…
The U.S. House approved a $146 billion economic stimulus plan aimed at averting an election-year recession in part by sending tax-rebate checks to about 111 million Americans. Lawmakers voted to approve legislation that would also expand investment tax breaks for business and add capital to the slumping mortgage market by allowing federally chartered companies Fannie Mae and Freddie Mac to buy mortgages above the current federal limit. The House vote sends the bill to the Senate, where some senators said they would try to alter the House version, potentially delaying passage. Lawmakers have said they want to get the bill to Bush by Feb. 15 so the government can begin distributing checks before June. Under the House measure, individuals would receive up to $600 and couples would get up to $1,200. Families would get $300 for each child.
If the Senate passes the Bill and you get a check, what will you do with it? Save it, pay off some debt, use it as a good chance to start investing, or spend it all!!
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I will payoff some debt. I really don’t like the plan. where is the money coming from? I am all for tax cuts and the such, but this is different. Will I take the check? YES, but I still don’t like the premise.
I will use the money to add to our savings account for replacing the siding on our house (hopefully by the end of the summer). I also don’t like the idea of getting these checks. I think a better solution to the recession is to ride it out…and for people to stop spending more than they can afford to (houses, credit cards, etc.).
We’ll take it obviously, but I think the money is going to go right back to the government for us since our property taxes just went up $2000 this year (new house – second year tax bump)
I have mixed feelings about the money, because I don’t think the stimulus will help the overall economy as much as Bush thinks it will. I will gladly pay tithes, and apply 60% of the remainder to debt and apply the rest to my vacation fund in my ING account (which i started because if this great site!)