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H.R.5140 Recovery Rebates and Economic Stimulus for the American People Act of 2008, 110th Congress

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Official Bill Info

  • Latest Action: Feb 13, 2008 Became Public Law No: 110-185.

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    I know the most recent action for this bill is as follows: "Became Public Law No: 110-185." on Feb 13, 2008
  • Committee Assignment: House Committee on Ways and Means

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    This bill has been assigned to the House Committee on Ways and Means committee.
  • Committee Assignment: House Committee on Financial Services

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    This bill has been assigned to the House Committee on Financial Services committee.
  • This bill's most-recent vote occurred on February 07, 2008, with a roll call of 380 ayes, 34 nays, and 16 not voting.

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    This bill's most-recent vote occurred on February 07, 2008, with a roll call of 380 ayes, 34 nays, and 16 not voting.

Bill Statistics on OpenCongress

  • 46% of users support H.R.5140

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    46% of users on OpenCongress.org, a free, non-partisan resource, support H.R.5140.
  • H.R.5140 has been viewed 84,574 times

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    H.R.5140 has been viewed 84,574 times on OpenCongress.org, a free, non-partisan resource.
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    OpenCongress Bill Summary

    • This is the old economic stimulus package from the previous session of Congress. The one from President Obama being debated currently can be viewed at the link below: H.R. 1 - American Recovery and Reinvestment Act of 2009 (conference report bill text) This bill, H.R. 5140, is designed to inject money into the economy through individual tax rebates, business tax incentives and increasing the number of loans the FHA and GSEs are allowed to buy up or insure. It would phase out the tax rebates for individuals with an adjusted gross income above $75,000 and for couples above $150,000. The bill totals $145.9 billion, but the business tax incentives, which encourage investment in FY08, would bring the total cost down to $117.2 billion over ten years.

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      Here's a summary from OpenCongress.org: This is the old economic stimulus package from the previous session of Congress. The one from President Obama being debated currently can be viewed at the link below: H.R. 1 - American Recovery and Reinvestment Act of 2009 (conference report bill text) This bill, H.R. 5140, is designed to inject money into the economy through individual tax rebates, business tax incentives and increasing the number of loans the FHA and GSEs are allowed to buy up or insure. It would phase out the tax rebates for individuals with an adjusted gross income above $75,000 and for couples above $150,000. The bill totals $145.9 billion, but the business tax incentives, which encourage investment in FY08, would bring the total cost down to $117.2 billion over ten years.

    Most-commented sections of the bill text

    Highest Rated User Comments

    • On February 07, 2008, by Anonymous - "spend it on bills"? Does it mean if they did not get the rebate, the bills would stay unpaid? 60% of americans just would not pay their bills? I don't think so. "I will spend it on bills" just means "i am no going to go out, and get myself some special treat with this money, but will just use it as an addition to my budget". Yes, it will help the economy. And so will those 15% that get invested (when you invest your money, the companies you invest it in puts it to use ... well ... at least in theory) Yes $1200 doesn't sound like a lot. By multiply that by a hundred million or so people who are going to get the rebate...

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      As noted by Anonymous, a user on OpenCongress.org, on February 07, 2008, ""spend it on bills"? Does it mean if they did not get the rebate, the bills would stay unpaid? 60% of americans just would not pay their bills? I don't think so. "I will spend it on bills" just means "i am no going to go out, and get myself some special treat with this money, but will just use it as an addition to my budget". Yes, it will help the economy. And so will those 15% that get invested (when you invest your money, the companies you invest it in puts it to use ... well ... at least in theory) Yes $1200 doesn't sound like a lot. By multiply that by a hundred million or so people who are going to get the rebate..."
    • On February 09, 2008, by Anonymous - Paying Bills IS NOT putting money into the economy, especially if that money is past due. If that BILL is a car payment, or mortgage or other secured debt, then that money was already spent, it's repayment. The bank makes their portion of interest, but the banks are being shorted on so many notes right now, it's not enough to bring all the bad debt current. ALL BAD DEBT BEING BROUGHT CURRENT IS WHAT WILL STIMULATE THE ECONOMY. It is NOT the government's responsibility to pay anyone's bills. The only way this money becomes a economy boost is if it creates profit. A large majority of American's are paying "what they can afford" and neglecting "what they can't". They only way this STIMULATES anything is if EVERYONE uses it to purchase something new, and if the company the purchase it from gets a profit after they write off all their bad debt!

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      As noted by Anonymous, a user on OpenCongress.org, on February 09, 2008, "Paying Bills IS NOT putting money into the economy, especially if that money is past due. If that BILL is a car payment, or mortgage or other secured debt, then that money was already spent, it's repayment. The bank makes their portion of interest, but the banks are being shorted on so many notes right now, it's not enough to bring all the bad debt current. ALL BAD DEBT BEING BROUGHT CURRENT IS WHAT WILL STIMULATE THE ECONOMY. It is NOT the government's responsibility to pay anyone's bills. The only way this money becomes a economy boost is if it creates profit. A large majority of American's are paying "what they can afford" and neglecting "what they can't". They only way this STIMULATES anything is if EVERYONE uses it to purchase something new, and if the company the purchase it from gets a profit after they write off all their bad debt! "
    • On February 08, 2008, by weasel - No, no, you got it backwards. The money is free, of course. Not even taxable. The bottom line is, that if you are eligible, you'll pay $600 (or whatever your amount is) less taxes in 2008 than you otherwise would, and moreover, they are going to send you the check earlier.

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      As noted by weasel, a user on OpenCongress.org, on February 08, 2008, "No, no, you got it backwards. The money is free, of course. Not even taxable. The bottom line is, that if you are eligible, you'll pay $600 (or whatever your amount is) less taxes in 2008 than you otherwise would, and moreover, they are going to send you the check earlier. "

    Highly Rated Blog Articles

    • H.R.5140: National Economic Competitiveness and Innovation ... - April 24, 2010 by opencongress.org - OpenCongress - U.S. Congress - H.R.5140 National Economic Competitiveness and Innovation Strategy Act of 2010. Working... or Login with your OpenID. Click to ShowClick to Hide. Search. A non-profit, non-partisan public .... The economic stimulus bill forma

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      As noted by opencongress.org on April 24, 2010, "OpenCongress - U.S. Congress - H.R.5140 National Economic Competitiveness and Innovation Strategy Act of 2010. Working... or Login with your OpenID. Click to ShowClick to Hide. Search. A non-profit, non-partisan public .... The economic stimulus bill forma" (http://www.opencongress.org/bill/111-h5140/show)
    • Eclectique|916 » The President’s Weekly Address: The Economic ... - January 30, 2009 by Eclectique|916 - The President’s Weekly Address: The Economic Crisis - The Good and Bad News. Saturday, 31 January 2009, 10:27 | Category : Barack Obama, Eclectique Citizen, The Economy Tags : H.R. 5140, stimulus bill ...

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      As noted by Eclectique|916 on January 30, 2009, "The President’s Weekly Address: The Economic Crisis - The Good and Bad News. Saturday, 31 January 2009, 10:27 | Category : Barack Obama, Eclectique Citizen, The Economy Tags : H.R. 5140, stimulus bill ..." (http://www.eclectique916.com/2009/01/31/the-presidents-weekly-address-the-economic-crisis-the-good-and-bad-news/)
    • Foreclosures Round Two? - January 05, 2009 by Untitled - ... HR 3221 · HR 3915 · HR 5140 · HR 5830 · HR 6254 · Lending Ethics · loan modifications · MBA Convention · Mortgage Fraud · Mortgage Industry Legislation · mortgage industry regulation

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      As noted by Untitled on January 05, 2009, "... HR 3221 · HR 3915 · HR 5140 · HR 5830 · HR 6254 · Lending Ethics · loan modifications · MBA Convention · Mortgage Fraud · Mortgage Industry Legislation · mortgage industry regulation" (http://titanlenderscorp.com/blog/2009/01/06/foreclosures-round-two/)

    Highly Rated News Articles

    • Getting your share of the bailout - December 11, 2008 by WND.com, OR - So overnight the geniuses passed HR 5140, "The Stimulus Act of 2008," on Feb. 13. At light speed for the federal government, checks for a whopping $600 sped ...

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      As noted by WND.com, OR on December 11, 2008, "So overnight the geniuses passed HR 5140, "The Stimulus Act of 2008," on Feb. 13. At light speed for the federal government, checks for a whopping $600 sped ..." (http://www.wnd.com/index.php?fa=PAGE.view&pageId=83451)
    • Good Time To Buy - November 16, 2008 by Associated Construction Publications, GA - Remember HR 5140, the Economic Stimulus Package of 2008 that President Bush signed last February? This legislation also enacted incentives to spur business ...

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      As noted by Associated Construction Publications, GA on November 16, 2008, "Remember HR 5140, the Economic Stimulus Package of 2008 that President Bush signed last February? This legislation also enacted incentives to spur business ..." (http://www.acppubs.com/article/CA6612467.html?industryid=48551)
    • From ‘Washington consensus’ to ‘Washington confusion’ - November 16, 2008 by BusinessDay, Nigeria - This action was initiated and completed with an enactment of the Economic Stimulus Act of 2008 (HR 5140) on February 13, 2008. The HR 5140 was designed to ...

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      As noted by BusinessDay, Nigeria on November 16, 2008, "This action was initiated and completed with an enactment of the Economic Stimulus Act of 2008 (HR 5140) on February 13, 2008. The HR 5140 was designed to ..." (http://www.businessdayonline.com/index.php?option=com_content&view=article&id=1323:from-washington-consensus-to-washington-confusion&catid=96:columnists&Itemid=285)
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