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US to send out $100bn in rebates | US to send out $100bn in rebates |
(about 6 hours later) | |
The US government plans to give rebates to consumers totalling more than $100bn (£50bn), as part of a wider economic stimulus plan, imminently. | |
US President George W Bush said the tax rebates, aimed at some 117 million US homes, would be given starting Monday. They had been due to go out in May. | |
Individuals will see up to $600 and married couples could see up to $1,200. | Individuals will see up to $600 and married couples could see up to $1,200. |
The rebates are part of a $150bn plan that aims to boost growth and encourage spending, and avert a recession. | The rebates are part of a $150bn plan that aims to boost growth and encourage spending, and avert a recession. |
Slowdown | Slowdown |
"Starting Monday, the effects of the stimulus will begin to reach millions of households across our country," Mr Bush said. | "Starting Monday, the effects of the stimulus will begin to reach millions of households across our country," Mr Bush said. |
He said it was "obvious" the US economy was in slowdown, but luckily the government "recognised the signs early and took action". | He said it was "obvious" the US economy was in slowdown, but luckily the government "recognised the signs early and took action". |
"The money is going to help Americans offset the high prices we're seeing at the gas pump, the grocery store, and also give our economy a boost to help us pull out of this economic slowdown," he added. | "The money is going to help Americans offset the high prices we're seeing at the gas pump, the grocery store, and also give our economy a boost to help us pull out of this economic slowdown," he added. |
Consumer spending accounts for two thirds of the US economy. | Consumer spending accounts for two thirds of the US economy. |
The rebates are the single most important feature of the economic stimulus plan, but businesses will also benefit from $50bn in tax cuts. | The rebates are the single most important feature of the economic stimulus plan, but businesses will also benefit from $50bn in tax cuts. |
The first payment to be sent will be electronic payments. Cheques are set to be posted from May 9. | |
US Treasury Secretary Henry Paulson said most consumers should have their rebates by early June. | US Treasury Secretary Henry Paulson said most consumers should have their rebates by early June. |