Bush: Rebates fight economic 'slowdown'

WASHINGTON, April 25 (UPI) -- U.S. President George Bush said the Treasury Department expects to dole out tax rebates to 130 million households by this summer.

"During the first week alone nearly 7.7 million Americans will receive their tax rebates electronically," Bush said in a statement. "Then on May 9th, the IRS will begin mailing checks to millions more across America."

He said the "rebates will provide eligible Americans with payments of up to $600 a person, $1,200 for couples, and $300 per child."

The president said he expects the money to help offset the "economic slowdown."

"This money is going to help Americans offset the high prices we're seeing at the gas pump and at the grocery store, and it will also give our economy a boost to help us pull out of this economic slowdown," he said.

"I'm pleased that the Treasury Department has worked quickly to get the money into the hands of the American people. Starting Monday, the effects of the stimulus will begin to reach millions of households across our country," Bush said.