Economic Stimulus -- Congratulations Congress

Whew. Working families won a round on Friday when both the House and the Senate passed the economic stimulus package. There was strong support on both sides of the aisle, with many members of Congress working together to make sure that it passed.

Mark Zandi, Moody's Economy.com's chief economist approved the action by saying that although the stimulus package "could not prevent a recession (if one is coming), as its benefits won’t kick in until this summer; ... it could substantially mitigate the severity of any downturn. " As a whole, the package includes tax rebates as high as $1200 per family, small business incentives, a child tax credit and assistance for homeowners who may lose their homes because of the mortgage crisis.

President Bush earlier committed to Speaker Nancy Pelosi that he was in favor of a stimulus package, so we anxiously await confirmation that he will sign the bill.