The US Congress has overwhelmingly approved a giant economic stimulus plan sought by the White House amid mounting fears that the world's biggest economy could be sliding into a recession.
Senate and House of Representative lawmakers approved the economic aid package in separate votes, clearing the way for it to be signed into law by US President George W. Bush.
"The president will sign it next week," White House spokeswoman Cynthia Bergman said.
She said an exact date had not yet been announced.
Bush has hailed the package amid a worsening housing market and a dramatic slowdown in US economic growth.
"This plan is robust, broad-based, timely, and it will be effective. This bill will help to stimulate consumer spending and accelerate needed business investment," Bush said in a statement released on Thursday by the White House.
The plan is valued at around US$150 billion and crammed with temporary tax rebates and business incentives.
Tens of millions of Americans are likely to receive tax rebate checks in their mailboxes in coming months after Bush gives the stimulus his official blessing.
US Treasury Secretary Henry Paulson also welcomed congressional approval of the package, saying it would inject money into a stressed economy.
"This package of payments to individuals and incentives for businesses to invest will support our economy as we weather the housing downturn," Paulson said.
Democratic and Republican senators had sparred over different incentives after the House of Representatives passed an initial version of the plan last Tuesday.
The Democratic-controlled Senate approved an amended version of the House measure on Thursday, which senators changed to include tax rebates for low-income retirees and military veterans.
House lawmakers met in an evening session to quickly approve the final amended package.
The plan calls for tax rebate checks of up to US$600 for individual taxpayers and up to US$1,200 for couples, plus additional cash for dependent children.
It also expands financing opportunities in the housing market by allowing Fannie Mae and Freddie Mac, two mortgage finance companies, to purchase or guarantee mortgages larger than US$417,000 up to US$729,750.
Lawmakers said it would not benefit wealthy Americans, as tax relief begins to phase out for individuals earning US$75,000 and for married couples with a combined income above US$150,000.
It will, however, provide "unprecedented" help to some 35 million families who work but make too little to pay taxes, they said.
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique