The U.S. House overwhelmingly approved $146 billion in income tax rebates and business tax breaks Tuesday to give the economy a quick jolt, but the Senate planned a different approach later this week that will delay final action. The House's 385-35 vote was unusually swift and bipartisan, reflecting lawmakers' fears that they may be blamed at election time the economy may be heading into a recession unless taxes are cut. Together with the Federal Reserve's recent interest rate cuts, Republicans and Democrats hope a fiscal stimulus package could reverse that slide.
Proponents of the House plan, led by Speaker Nancy Pelosi, D-Calif., warned that changes in the Senate could delay congressional approval and push back the mailing of rebate checks, already likely to take two to four months. |