Congress finally approved a $168 billion aimed at increasing consumer spending by issuing rebate checks to more than 130 million households. Taxpayers should look for checks of up to $600 for individuals, $1,200 for married couples, and $300 credits for each child. Millions of people who do not pay income taxes (such as retirees or veterans) would receive rebates of $300 for individuals and $600 for married couples. The amounts would phase out for incomes above $75,000 for individuals and $150,000 for married couples. This is good news for those who need the extra money to pay bills, but it may be a costly $168 billion for the economy to absorb right now.

From the Wall Street Journal:
Congress approved a $168 billion bill to boost the economy, paving the way for more than 130 million households to start receiving rebate checks this spring. Under the final bill, most taxpayers would receive checks of up to $600 for individuals, or $1,200 for married couples, amounts that would begin to phase out at incomes above $75,000 for individuals and $150,000 for married couples. Millions of people who don't pay income taxes but have incomes of at least $3,000 would receive smaller rebates of $300, or $600 for married couples. This group would include Social Security recipients and military veterans receiving disability payments, as well as their surviving spouses -- a provision generated by the Senate. People receiving rebates would receive $300 credits for each child.