Today, the president signed into law the economic stimulus package, which gained final passage in Congress last week. The package will:
Provide rebates to 3.8 million New Jerseyans
Provide a total of $3.2 billion in rebates to New Jerseyans
Provide rebates to more than a million New Jersey seniors
Provide rebates to 250,000 disabled veterans across the country
Senator Bob Menendez (D-NJ), who voted in favor of the stimulus package though he favored additional measures included in the original Senate version, made the following statement:
"It is important that this package is targeted toward 3.8 million New Jerseyans who will likely use their rebates quickly to cover basic needs, which is the goal of stimulus. It is also important that seniors living on a fixed Social Security income and disabled veterans will receive much-needed rebates. I would have preferred the Senate's stronger original plan, which Republicans obstructed - it would have included more residents of high-cost of living states like ours, coverage for those who have lost their jobs, and assistance with the high costs of energy. Nevertheless, because of our efforts in the Senate, more than a million New Jersey seniors and 250,000 disabled veterans across the country will have access to rebates.
"The bottom line is that, though there are no magic remedies for these hard times, this plan has the potential to help millions who are struggling and give a boost to the economy. Certainly, this won't wash away all our problems, and I am committed to continuing to work to pass other important items to give our economy additional support, such as a second stimulus that better addresses the housing crisis, unemployment and shortfalls in the low-income heating program."
Highlights of the stimulus package:
Rebates of up to $600 for individuals or $1,200 for married couples filing jointly.
Rebates of $300 for each child under 17
People earning up to $75,000 ($150,000 for joint) are eligible for the full rebate
Seniors who have no income but have at least $3,000 in Social Security are eligible for a rebate
Disabled veterans with no taxable income are eligible for a rebate