WASHINGTON — Senior citizens receiving Social Security would get a bonus payment of $300 under the Senate version of President Barack Obama’s economic recovery plan.
The $820 billion Senate measure includes tax cuts and spending proposals prepared by the Senate’s two most powerful committees Friday.
Finance Committee chairman Max Baucus, D-Mont., unveiled a $455 billion plan combining $275 billion in tax cuts with $180 billion in spending in anticipation of a panel vote Tuesday. That measure will be paired on the Senate floor with $365 billion in additional spending sought by the Appropriations Committee.
The Social Security bonus is a one-time payment. Other provisions in the measure generally extend for two years.
A House companion measure slated for a vote Wednesday carries an $825 billion price tag, with one-third reserved for tax cuts.
There’s nothing in either measure that would address the foreclosure crisis or provide direct help to homeowners. The Associated Press
