- Dubai's Debt Woes Signal New Era for Creditors
- US Treasury Wants Banks to Do More to Ease Mortgages
- Fed Audit Would Hurt Economic Prospects: Bernanke
- Next Week: Cash In Now Or Wait For A Santa Rally?
- Dubai Stock Selloff May Bring Buying Opportunity
- Black Friday Sales Rise by 0.5%: ShopperTrak
- Longer Lines, Fuller Carts This Black Friday
- Big US Banks May Be Forced to Raise Capital: Bove
- Bank of America Amends Pay for Senior Executives
- U.S. Stocks Fall on Dubai Worries
- Black Friday at Best Buy
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Longer Lines, Fuller Carts This Black Friday
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Obama's Emission Reduction Pledge Paints Future for Autos
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
- EA Sports Hopes to Pump Up Sales Through Pop-Up Locations
Text Size 
U.S. Treasury Secretary Henry Paulson said on Thursday tax rebates now being issued to Americans will immediately help consumers and bolster the economy by summer.
 |
AP Henry M. Paulson, US Treasury Secretary |
"We expect that these payments will help right away -- help individuals, families and our economy. Giving people cash means they can decide how best to use it," Paulson said adding that there are no current plans for a second round of stimulus.
Paulson declined specific comment on the U.S. dollar's recent rise against the euro, following a Financial Times report on Thursday that U.S. and European policy-makers have backed the move.
"I have always advocated that a strong dollar is in our nation's interests," he said. "The long-term prospects of the U.S. economy are very strong, and compare favorably with those of other economies of the world."
Paulson earlier visited a Treasury printing plant in Kansas City, watching hundreds of tax rebate checks being printed as the economic stimulus plan powers up into top gear.
Given the high price of gasoline, "some families will use these checks to buy gas for the summer vacation," Paulson said. "It'll help a lot of American families who need (help) right now."
Facilities in Philadelphia, San Francisco and Austin, Texas, as well as Kansas City, will print millions of checks every week under the economic stimulus plan that will provide payments of up to $600 per adult and $300 per child.
Combined with electronic direct deposit payments, about 130 million households will have received some $100 billion in cash to spend.
"When we say the check will be in the mail, we mean it," Paulson said.
Paulson said the ongoing housing correction and financial market volatility had made Americans feel uncertain, but he repeated his view that U.S. long-term economic prospects remain solid.
He acknowledged that "a good number" of Americans were having trouble making ends meet, although he added that he was not calling for a second stimulus plan right now.
Print
Email
- These four sectors will be the next to lead the market.
- Zhu Zhu Pets are this year's must-have toy, fetching $40 or more on eBay.
- From the why-didn’t-I-think-of-that file, we present Jason Sadler, a man whose job is wearing T-shirts.
- It may be the most unusual guide to business you'll read.
- Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
- "The Who" will be the halftime act for Super Bowl XLIV on Feb. 7 in Miami. Is the NFL behind the times?
Data is a real-time snapshot *Data is delayed at least 15 minutes