Senator Boxer Pleased Senate-Passed Stimulus Includes Rebates For Seniors And Disabled Vets

Disappointed Republicans Refused to Extend Unemployment Assistance and Help Low-Income Americans with High Heating Costs

February 7, 2008 -- Washington, DC – U.S. Senator Barbara Boxer (D-CA) today stated that she was pleased that Senate Republicans agreed to add senior citizens and disabled veterans to the economic stimulus package, meaning that in addition to millions of Americans they will receive rebate checks.

However, she expressed deep disappointment that the rest of the Democratic measures were not included in the bill.

Senator Boxer said, “Sadly, my Republican colleagues blocked our efforts to extend unemployment benefits, add funding for low income heating assistance and include tax breaks for green energy, homebuilders and homeowners.”

Under the Senate measure approximately 130 million Americans will receive rebate checks of $300-$600 per individual, and $600-$1,200 for married couple, plus $300 per child with an income cap of $75,000 for individuals and $150,000 for couples.

The Senate bill will provide rebate checks to 20 million seniors not covered under the House bill. The Senate Finance Committee estimates that approximately two million California seniors could receive rebates under the Senate bill.

The bill would provide rebate checks for 250,000 disabled veterans who receive at least $3,000 in non-taxable disability compensation. The Senate plan makes them eligible to receive the same $600 rebate.

The bill also includes provisions to address the mortgage foreclosure crisis by raising loan limits for federally backed mortgages to $729,750 for one year, which would allow many borrowers who have or are seeking higher interest jumbo loans to qualify for lower interest rate conforming loans.

Senator Boxer said, “California has been hit hard by the mortgage crisis, and raising federal loan limits will expand refinancing opportunities, help homeowners lower their monthly payments and ultimately save homes from foreclosure.”

Source: Senator Barbara Boxer

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