Friday, February 20, 2009

The $787 Billion Stimulus Package

President Obama signed off on two historic bills this past week. First, he signed the economic stimulus package into law on Tueday and then on Wednesday announced his plan to help 3-4 million struggling home owners. What the plan promises is a payroll tax credit (up to $400 for an individual and $800 for a couple) which will add about $13 a week to most people's paychecks and start showing up around June,and for students it replaces the Hope Scholarship Credit with the American Opportunity Education tax credit, which offers a maximum of $2,500 toward college tuition and related expenses for 2009 and 2010. The Senate version of the plan would have only boosted the maximum Pell Grant by $400.

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