The check is in the mail. The president says so.
President Bush tells St. Louis area residents that the $600 per person checks should either soon be in the mail or soon be deposited into bank accounts. Bush has visited World Wide Technology in Maryland Heights. Bush says he understands the economy is sluggish and he says the stimulus package that his administration and Congress worked out should give it the kick it needs.
"We didn’t want to make a political statement, we wanted to make a statement that will affect this economy," Bush says, "When you are affecting 130 million households with over $150 billion, a pro-growth package, it’s going to affect us, positively."
The main feature of the stimulus package is the money. Checks will be mailed to those who mailed their tax returns. The federal government will use direct deposit for those who filed electronically. Individuals will receive $600. Couples will get $1,200, plus $300 for each child. Businesses also are being given incentives to invest in new equipment.
Bush says the United States economy is resilient, bouncing back from recession, natural disaster, even terrorist attack. He says that strength will help it turn the corner again.
Bush also advocates approaching rising gas prices in two different ways. He is pressing Congress to drill for more oil domestically, which he says will ease the problem in the short-tern. He says the long term solution is to develop alternative fuel, such as ethanol, which he says will soon be produced from more than just corn.
A combination of market forces and government mediation is seen as the way to relieve housing pressure. Bush says the most positive step the government can take is to keep people in their homes. Bush says market forces will correct some of the problems in the housing market, but government must be ready to intervene to help mortgage lenders make it through tough times. He adds that government has an obligation to crack down on brokers who deceive consumers into loans they can’t afford or don’t understand.