Remarks on the National Economy

Good morning. It's obvious our economy is in a slowdown. But fortunately, we recognized the signs early and took action. I signed an economic growth package that will provide tax rebates to millions of American families and workers to boost consumer spending.

On Monday, the Treasury Department will begin delivering the first of these tax rebates by direct deposit. During the first week alone, nearly 7.7 million Americans will receive their tax rebates electronically. Then on May 9, the IRS will begin mailing checks to millions more across America.

By this summer, the Treasury Department expects to have sent rebates to about 130 million American households. These rebates will provide eligible Americans with payments of up to $600 a person, $1,200 for couples, and $300 per child.

If you've already filed your income tax return, your rebate is on the way. Even if you don't owe any income taxes, you may still be eligible for a check, but you need to file a form with the IRS. And it's not too late to do so. Now, you can find out information as to how to proceed by calling your local IRS office, or go to the IRS web site.

We want to make sure everyone who's eligible for a check gets one on a timely basis. This money is going to help Americans offset the high prices we're seeing at the gas pump, at the grocery store. And it will also give our economy a boost to help us pull out of this economic slowdown.

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.

Thank you very much.