That was fast. The Senate today passed H.R. 5140, a $167 billion economic stimulus plan, by a vote of 81-16. The final bill grants rebates to seniors and disabled veterans, but does not extend unemployment insurance or provide heating assistance to the poor. The bill will now take a quick breather in the House before sprinting down Pennsylvania Avenue for the President’s signature. [AP]

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  1. laserjobs says:

    Send me my check already I am hording nickels
    [www.coinflation.com]

  2. forgottenpassword says:

    GOOD! Now Gimmie my MONEY!!!!

  3. mantari says:

    Yay! Free money to people who earn money!

  4. JMH says:

    Yay! More federal debt to repay later!

    This is stupid.

  5. Aut0mat1c says:

    @JMH: If you don’t want your check I will take it..

  6. bohemian says:

    So this is sort of like me stealing $1700 from my kids.

  7. JMH says:

    @Aut0mat1c: No, I’m happy to have it, but I don’t buy the rationale that this is going to help the economy. It’s election-year pandering and no more.

    @bohemian: Yes, that’s exactly what it’s like.

  8. noi56u says:

    @JMH: Agreed. Not sure how getting a check for less than a month’s rent/mortgage is going to pull any family out of financial despair. People are just going to buy more useless crap from China…

  9. Canerican says:

    Awesome, now I can get some of my taxes back.

    Suck it Rangel! :)

  10. Canerican says:

    @dinger_82: That’s not the goal. The goal is for people to throw the money back into the economy. The idea is for people who make between 3000-75000 a year spend money however they choose. Who said anything about month’s rent? This is about improve America’s economic picture as a whole – the big picture is the reason for this. Obviously both Republicans and the Democrat party agree, what’s so complicated about it?

  11. emona says:

    I have GOT to start having children.
    Oh well, at least I’ll get a credit card paid off.

  12. samurailynn says:

    It’s less like stealing from our kids, and more like stealing from next year’s income. Or is this not the kind of rebate that we have to pay back when we pay 2008 taxes?

  13. flamincheney says:

    This is the dumbest and most short sighted thing I have ever witnessed. The IRS, if they had their way, would send these checks attached to Best Buy, Wal_Mart, or Target circulars.

    I wish the gov’t would work harder to adapt to the paradigm shift rather than try to cling so dearly to the broken economic model they established.

    Spend away America.

  14. JMH says:

    @dinger_82: … which is exactly what we shouldn’t be doing right now.

  15. QuantumRiff says:

    You know, the US Debt clock says that every taxpayers share of the national debt is $30,315.53. I sure wish that I could pay them that amount, and get exempted from any past national debt. IE, I might still be liable for NEW debt incurred after my check is cashed, but all debts and interest on those debts would be payed off for me. I would do that in a heartbeat, even though I would be taking out a loan to do it.

  16. flamincheney says:

    @QUANTUMRIFF That would be a genius thought, except in the end it would further placate the debt onto those who can least afford to bear the burden.

    It would be nice though.

  17. Geekybiker says:

    Read the house report on this, and its based on 2007 AGI. So you dont get the rebate until after you file taxes. rebate phases out at 5% or your AGI over the limit.

  18. snwbrder0721 says:

    As much as I’m looking forward to my money to pay off some debt I have to think about it this way: if the US has to borrow money to give to us then they’re probably getting it from other countries, most likely China (since they already own about $1.7 trillion of US debt) so when the US gives everyone their money that’s borrowed from China and we all spend it on stuff that was made in China (of course not everyone will, but a lot will) the net “stimulus” on the US economy will be the tiny markup the store makes that sold you the junk made in China and the real money will end up back in the hands of China, who lent it to us in the first place.

    I’m not necessarily saying this is bad, but I sure don’t think it’s a good stimulus to the US economy. Honestly I’m not so sure the US economy needs much stimulus. A little uncertainty on the stock market and some big fall out from the sub prime mess shouldn’t be enough to derail the $14 trillion dollar train that is the US economy. To me this is just a correction to all the scammy sub prime deals banks got themselves into and unfortunately it’s consumers that ultimately pay the price.

  19. Thorny says:

    @Geekybiker: Yeah unless you happen to be on Social Security and then you just get more free money! :) I guess then it’s a rebate on taxes from 1962. That sorta bugs me.

  20. Gorky says:

    The thing that pisses me off about this whole thing is people who made less than $3000 and paid NO taxes get a $300 rebate. In order to get a REBATE you have to have PAID something. Im so sick and tired of people getting handouts because they are too lazy to work, and dont tell me about how hard it is to get a job. Every McDonalds I drive by ALWAYS has help wanted on their signs. Even McDonalds pays more than $3000 per year. It also pisses me off that people with kids get so much more back. They chose to have kids and should pay for them themselves. Why should I pay MORE taxes because I chose not to have any kids. I also cant get a head of household deduction because I choose to live alone even though I pay for the rent and ALL expenses. I AM the head of my household. Single people always get screwed

  21. MercuryPDX says:

    @bohemian: How about calling it an advanced loan on “Can I have a dollar?” for the next 1700 times they ask? ;)

  22. privatejoker75 says:

    I’m fleeing this country within the year. This just adds to my disgust.

  23. crazypants says:

    Gorky: Children are future sources of revenue for the IRS, hence the tax break.

    You seem awfully bitter… Maybe you should adopt a bunch of 17 year olds!

  24. cmdr.sass says:

    @privatejoker75: Don’t let the door hit you in the ass on the way out.

  25. Worst Bill Ever!

    Stimulate the economy by giving a big giveaway to gas companies, people who are gonna buy houses they can’t afford, loan companies, and foreign electronics manufacturers, while borrowing money from foreign governments at 4% interest.

    Brilliant. Not!

  26. crazypants says:

    Hey if everyone takes their tax rebate and invests in one of those ‘make a million while working at home’ schemes, America will be a nation comprised solely of millionares!

    Clearly there are no flaws in my logic.

    Seriously though, griping about getting a tax rebate on some random internet blog isn’t going to get much done, I’m sure you can funnel that resentment into something a little more productive.

    Go march in the streets you lazy hippie!@#$%

  27. Lea9017 says:

    @Gorky:
    It’s people who made more than three thousand, and for a full time student it is highly appreciated. I’m sure I’ll pay back the 300 before I retire.

  28. RossMcD says:

    @Gorky:
    Our society needs children to keep itself going, thus they are incentivized somtimes. In the long run, people without kids will still end up WAY ahead financially.

  29. Sgt. Bilbo says:

    Here’s my question: If we cash these checks, are they basically an advance on our 2008 return, thus reducing our tax refund next year, or can we use them without any penalty (besides the massive debt for the gov’t)?

  30. JessiesMind says:

    Our check is going into savings. Take that, congress!

  31. Monster Rain says:

    I wonder if there will be any way to apply it to taxes owed, as $600 is just about what we owe the IRS this year.
    (I’m not big on giving out interest-free loans to non-family members).

    Anyone know yet if the $300 for children would apply at all to children born in January ’08 (ie, not on 2007 taxes)?

  32. hi says:

    This is NOT free money. Ever dollar the gov sends you is BORROWED from the Federal Reserve with interest. This is where your income tax goes … to pay back the interest on all the borrowed money. The fed is not part of our government, it is a corperate bank. So to all the people saying “I dont care, give me my money” … you’ll be paying this money back to the fed reserve next year with interest, so congrats.

  33. DoubleEcho says:

    @hi: Not only that, but it’s an advance on your 2008 refund. I could end up owing money, as I’m married and have 2 kids, and will be getting $1800. I called my House rep’s office and asked how I could reject the check; If it’s an advance, fuck that, I’d rather not participate. (They also didn’t even know it was an advance and said they’d have to get back to me about it)

  34. hi says:

    @Doubleecho

    I agree. I’d like to opt out of this as well. Maybe Consumerist can dig up some info on how to opt out if possible?

  35. DoubleEcho says:

    @hi: Phil English’s (PA Rep) office just told me that CNN was incorrect and it was not an advance. I’m emailing CNN now about it; Someone doesn’t know what they’re talking about.

  36. rockstarjoe says:

    I also would like to know if you can opt out. Otherwise this will just go into a savings account so I can put it towards next year’s taxes. What a stupid rebate.

  37. JMH says:

    @DoubleEcho: And, realistically, not just next year but for years to come.

  38. DoubleEcho says:

    @JMH: Well, we’ll all be paying for this for quite some time. From what I understand, CNN.com pulled that sentence out of the article that said “The checks are an advance on next year’s refunds, and most, if not all of the money, will be deducted from taxpayers’ refunds in 12 months’ time.”.

    What will actually happen is that while it’s not an advance to your 2008 refund, it is going to be put on your taxes as income (but non-taxable income). So it is the “FREE MONIES!!” that everyone wanted. However, as we all know nothing is really free, and this will have long lasting (negative) effects on our economy while giving only a short-term boost. You’re damned if you do spend it, and you’re damned if you don’t (and put it in savings, a CD, etc).

  39. Rusted says:

    @Gorky: They paid taxes. It’s the Social Security and Medicaid. Goes into the same black hole. Go read the quarterly estimated income tax directions. Everyone pays.

    @DoubleEcho: Great, so we are getting a stimulus from ourselves?

    @rockstarjoe: It’s going back as my first qaurter estimated tax payment. I be, uh, stimulated.