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For Workers

An announcement was made that congressional leaders had reached a deal for a stimulus package that will give those that file taxes a refund of between $600 to $1,200, and if they have children, there will be more for them.

President Bush signaled his approval, saying, "This package has the right set of policies and is the right size."

The rebates will end up in the hands of about 116 million families. In good news, the majority will go to those who pay taxes, coming in at about 70 percent.

For individuals paying taxes, they will receive $600, while working couples would receive $1,200. Couples with children will get an extra $300 per child under the deal. On the low end, if people working make a minimum of $3,000, they'll get a $300 rebate.

The rebate checks won't be sent out until June, and carry a price tag of about $100 billion, including around $50 billion in tax cuts for businesses.

For Business

On the business side of the package, they will be able to immediately write off 50 percent of the cost of purchasing plants and capital equipment. Smaller businesses will be able to write off additional equipment purchases.

Mortgage Crisis

To help with the mortgage crisis, included with the package is an increase in limits on Federal Housing Administration loans and mortgages for homes, in relationship to Freddie Mac and Fannie Mae. They can now purchase homes up to $725,000 in price. That's a large increase over the existing limits of the FHA of $362,000, and the limits of $417,000 on Freddie Mac and Fannie Mae.

Treasury Secretary Henry Paulson said he'll be working hard with the House and Senate to put the package in motion, rightly noting that speed is the key to it making a difference. Once the package is approved, he says it should be about 60 days when people start seeing their checks.