Rebate checks in the mail by spring - Yahoo! News

Rebate checks in the mail by spring - Yahoo! News: "Rebate checks in the mail by spring" By JEANNINE AVERSA, AP Economics Writer 19 minutes ago WASHINGTON - The checks aren't in the mail, but they will be soon President Bush signed legislation Wednesday to rush rebates ranging from $300 to $1,200 to millions of people, the centerpiece of government efforts to brace the wobbly economy. First, though, you must file your 2007 tax return. More than 130 million people are expected to get the rebates, starting around May. Congress, Bush, the Federal Reserve and Wall Street are hoping the money will burn such a hole in people's pockets that they won't be able to resist spending it. And the spending is supposed to give an energizing jolt to a national economy that is in danger of toppling into a recession if it hasn't already. Whether people actually spend the money remains to be seen. A recent Associated Press-Ipos poll indicates most people have other plans. Forty-five percent said they planned to pay off bills, while 32 percent said they would save or invest it. Only 19 percent said they would spend their rebates.