By Donna Smith and Richard Cowan
Moving quickly to get the economic package to President George W. Bush, the House of Representatives passed the bill by 380-34, just hours after the Senate cleared the measure on a vote of 81-16. Bush is expected to sign the bill next week.
At a news conference with congressional leaders, Treasury Secretary Henry Paulson said the rebate checks would go to more than 130 million Americans. "We're going to have the checks out beginning of May and this is largely going to be done by the time summer's over," he added.
"This plan is robust, broad-based, timely, and it will be effective," he said in a statement. "This bill will help to stimulate consumer spending and accelerate needed business investment."
The Senate also added language to help ensure illegal immigrants did not receive rebate checks.
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Senate Majority Leader Harry Reid, a Nevada Democrat, said the stimulus package approved by the Senate would "change the economic direction of this country" and added lawmakers likely would do more this year to stimulate the economy.
At the same time, the Labor Department said the number of workers drawing jobless benefits had hit a 2-1/4-year high and major retailers reported a slowdown in consumer spending.
The bill also provides for higher loan limits for the Federal Housing Administration insurance program and mortgage financing giants Fannie Mae and Freddie Mac to help lift the sagging housing market.
Senate Finance Committee Chairman Max Baucus, a Montana Democrat, said Congress would move more stimulus legislation "if the economy continues to go south, if there are significant increases in foreclosures and bankruptcies and so forth."
"They are following this president right off a cliff," Reid said.
"This is not a victory for Republicans or Democrats. This is a victory for the American people," McConnell said.
(Editing by Eric Walsh)
