First Tax Rebates Go Out Monday

Paulson happy to be ahead of schedule
By Nick McMaster,  Newser Staff
Posted Apr 24, 2008 2:51 PM CDT
Treasury Secretary Henry Paulson leans to talk to President Bush after The president made remarks to the press during a Cabinet meeting, Monday, April 14, 2008, in the Cabinet Room of the White House...   (AP Photo/Gerald Herbert)
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(Newser) – Treasury is putting its rebate money where its mouth is—ahead of schedule, Reuters reports, with the first wave of checks going out Monday. “We're a little bit ahead of schedule, so we will start right on Monday with direct deposits," Henry Paulson tells Reuters. The Treasury secretary is happy to get cash into Americans’ pockets a little quicker, in order to stave off worsening economic conditions.

The total rebate payout of $100 billion will be completed by the end of June, ahead of the normal target date at the end of summer. "Close to 8 million people will get their stimulus payments next week," Paulson said. "You add that to the incentives for business to make investments, we think that will give the economy a boost, upwards of 500,000 jobs."