Will the stimulus bill help consumers?

February 11, 2009 5:14:06 PM PST
We've heard a lot of big numbers and general terms about the economic stimulus package, but how will it affect your wallet? Lawmakers hope this will turn things around for folks on Main Street.

SIGN-UP: Get breaking news sent to you

"We're not going to get back to where our economy was overnight, but this represents the beginning of turning our economy around and leading to a better day of opportunity for the American people," said Joe Lieberman.

Here are some specifics: the bill calls for a $500 tax credit for every worker. There's a temporary tax credit for car buyers letting you deduct interest on car loans and sales tax for cars purchased this year.

There's also a temporary tax credit for home buyers, up to $15,000. That's double the amount a previous plan called for, and unlike the old plan, you won't have to pay it back to the government.

And there will be a new college credit of $2,500 for higher education expenses, for those making less than $80,000 a year.

       Today's latest headlines | ABC7 News on your phone
Follow us on Twitter | Fan us on Facebook | Get our free widget