President Bush said the Treasury Department would begin distributing the first batch of tax rebates by direct deposit on Monday.
The tax rebates, also known as economic stimulus payments, are aimed at jumpstarting spending by consumers. "It's obvious our economy is in a slowdown," said Bush. "Fortunately, we recognized the signs early and took action."
During the first week, nearly 7.7 million Americans will receive their payments electronically. On May 9, the Internal Revenue Service will begin mailing paper checks.
By this summer, the Treasury Department expects to send rebates to approximately 130 million U.S. households. The rebates will provide payments of up to $600 per person, $1,200 per couple, and an additional $300 per child. To qualify for the economic stimulus payment, recipients need to file a tax return.
"This money is going to help Americans offset the high prices we're seeing at the gas pump and at the grocery store, and it will also give our economy a boost to help us pull out of this economic slowdown," said Bush.
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