On Feb. 13, President George W. Bush approved an economic stimulus package that promises rebate checks for as much as $1,200 to taxpayers.

Congressman Jose E. Serrano voted in favor of the package, which he says will provide assistance to Bronx residents who have been hit hard by the country’s recent economic downturn. Serrano commented in a statement following the vote that President Bush’s previous tax cuts, which came while there was a Republican majority in Congress, “were aimed at the richest in our society.” However, Serrano noted that the aid approved on Wednesday, under the Democrat controlled Congress, benefits “folks who work for a living, not those who live off their investments.”

The package provides for at least $300 for almost every American whose taxable income was $3,000 or more last year. Families with children can also expect an extra $300 per child. However, the rebates are limited to individuals who earn less the $75,000 and couples who earn less than $150,000. In addition, the limit on Federal Housing Administration loans will be increased in order to give homeowners who were hurt by the subprime mortgage crisis the chance to refinance their mortgages.

With the stimulus package, Capital Hill politicians hope to rejuvenate an economy that some economists fear has slipped into a recession. While economic growth in the third quarter of 2007 was at 4.9 percent, by the end of the year it had slowed to a snail-like 0.6 percent. As a result, Congressman Serrano believes Bronx residents are especially in need of the rebates. Serrano commented, “People like those in our community are often the hardest hit by economic slowdowns.”