With the economy verging on a recession which would increase public anger with his administration and the Republican Party, President Bush this past Friday bowed to political pressure and proposed a nearly $150 billion stimulus package aimed, he said, at giving the economy "a shot in the arm."
The Bush proposal basically consists of tax rebates.
What does the proposal mean for American Blacks? In dollars terms, it could mean as much as $800 in tax rebates for individuals and $1,600 for families.
The Democratic controlled Congress must still have its say but if differences in approach can be worked out quickly, Blacks (along with other Americans) could start getting their rebate checks as early as this coming April or May.
The battle will probably center around Democratic demands for less focus on business tax breaks and a greater concentration on tax breaks aimed at the middle class (Those making less than $150,000 a year).
Democrats are also expected to insist on an extension of unemployment benefits. Bush increased the likelihood that differences will be quickly resolved by dropping his demand that his previous tax cuts be made permanent.
Some Democrats and Civil Rights advocates have derisively labeled those cuts "tax cuts for the rich."
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