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Senate may alter plan for stimulus

Senate may alter plan for stimulus

By: Magnolia Tribune - January 30, 2008

The Clarion-Ledger, 1/30/8

The House of Representatives overwhelmingly approved $146 billion in tax breaks for consumers and businesses Tuesday to jolt the economy. The Senate was to begin action today on a different package that will delay final approval.

The House’s 385-35 vote was unusually swift and bipartisan, reflecting lawmakers’ fears that the economy may be heading into a recession. Together with the Federal Reserve’s recent interest rate cuts, Democrats and President Bush say a quick dose of tax rebates and other aid could reverse that slide.

Proponents of the House plan warned that Senate changes could derail the fast-track approach worked out with President Bush and push back the mailing of rebate checks, already likely to take two to four months.

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