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McCaul Applauds House Action on Economic Stimulus Package

February 9, 2008

(Washington, DC) - On Thursday, the House passed a slightly modified version of the economic stimulus package. "While this compromise package is not perfect, it will be putting money back in the pockets of taxpayers and giving employers incentives to create new jobs and grow our economy," said Congressman Michael McCaul.

The President has indicated that he will sign the emergency plan that was passed by the House Thursday evening after Senate leaders ended a drawn-out stalemate over the bill. The plan allows for a maximum rebate of up to $600 for singles and $1,200 for married couples, including disabled veterans and the elderly, plus an additional $300 per child. A valid Social Security number would be required for each citizen receiving the base payment and for each child claiming the $300 bonus. The measure also includes steps to boost the ailing housing market by temporarily raising the limit on Federal Housing Administration loans.

"I’m glad Congress was able to put partisan politics aside to pass a bill that will provide tax rebates to the hard-working American families that drive our economy," stated McCaul.