| Max Abelson
Deal struck to send checks to taxpayers
She said the relief was targeted to "those who need the money and will spend the money." The broad outlines of the deal were first discussed a week ago in a conference call including administration and congressional leaders. "The Speaker gave some and Republicans gave some, but I think it's a good compromise that will help the American people," said Boehner. "This was not easy." President Bush, saying the deal would give the economy a shot in the arm, urged quick passage. "Our economy is structurally sound, but it is dealing with short-term disruptions in the housing market and the impact of higher energy prices," Bush said. "These challenges are slowing growth." The final negotiations over the last couple of days did not include Senate leaders.
Legislature takes on mortgage terms in new bills
Tony Brooks blames a mortgage broker for the loss of his home, and he wanted state lawmakers to know his story. Brooks, 48, drove twice to Olympia from Seattle in the span of a week to testify in favor of a crackdown on brokers, even after he was turned away by a Senate committee the first time. "There are predatory lenders out there ripping off people with subprime loans," Brooks said. "By me going down there, they will see somebody that it happened to." Mortgage brokers are targeted in some of the measures in the Legislature's response to fears that the subprime loan crisis will soon hit the state hard. As the housing market weakens across the country, the hardest hit have been borrowers of subprime loans, typically people who don't meet the credit standards for a conventional loan.
Senate Panel Unveils Its Own Stimulus Plan
But the Senate plan would send $500 checks to some 20 million Americans over age 62 living only on Social Security who would be excluded by the House plan. The Senate plan would also extend unemployment benefits by 13 weeks in all states, in addition to the 26 weeks provided under current law at a cost of about $12.5 billion. The House would not extend unemployment payments at all. Like the House plan, the Senate proposal includes several tax breaks for businesses including an increase in the amount of expenses that small businesses can write off immediately. But the Senate added another incentive, allowing businesses to deduct losses from up to five years ago. Current law allows losses to be carried forward for just two years. The House plan, which President Bush had urged Congress to approve as quickly as possible, would pay at least $300 to all tax filers with at least $3,000 in earned income, and would give rebates of up to $600 for individuals and up to $1,200 for couples.
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