Bush signs economic stimulus package

WASHINGTON, Feb. 13 (UPI) -- President George W. Bush Wednesday signed into law the $152 billion stimulus package developed to kick-start the sluggish U.S. economy.

With Democratic and Republican congressional leaders looking on, Bush signed the package of consumer tax rebates, small-business tax breaks and housing-related measures.

"Congress passed a really good piece of legislation, and they did so in a very expeditious manner," Bush said. "The bill I'm signing (Wednesday) is large enough to have an impact -- amounting to more than $152 billion this year, or about 1 percent" of the gross domestic product.

The U.S. Treasury Department said it would begin getting rebate checks in the mail beginning in May. The checks could be for as much as $600 for individuals and up to $1,200 for married couples, with additional rebates for families with children.

Bush urged Congress to pass legislation to "help our economy through this rough patch."

He asked Congress to consider measures that would reform the Fannie May and Freddie Mac mortgage agencies, modernize the Federal Housing Administration and allow state housing agencies to issue tax-free bonds to help homeowners refinance their mortgages.