Treasury Secretary Henry Paulson has confirmed that President Bush will outline the principal elements of his economic stimulus later today. Capitol Hill aides involved in crafting a congressional package have described the components of the President's plan, as follows:

• tax rebates of up to $800 for individuals and $1,600 for couples above the 10 percent tax bracket; those in the 10 percent bracket would receive no rebates
• a one-year elimination of the 10 percent bracket; families of four earning between $24,900 and $41,000 would paying no taxes in filing year 2008
• no extension of the 2001 and 2003 tax cuts will be included in the package
• tax breaks for businesses investing in new equipment, increases in food stamps, and higher unemployment benefits were said to be among the additional elements of the plan

Reportedly omitted from the Bush plan would be any increases in aid to state and local governments under pressure to raise taxes or cut spending, given constraints to maintain balanced budgets. It is unclear at this writing whether the tax rebates would be fully refundable or not. There has been no mention of an increase in home energy assistance (via LIHEAP), which has broad support in Congress. Similarly, congressional negotiators are considering limiting rebates to individuals with incomes of $85,000 or less and couples with incomes of $110,000 or less, which would greatly increase the stimulative impact of the cash infusion, by targetting it to those with the greatest propensity to spend.