Yesterday, the U.S. House of Representatives overwhelmingly approved H.R. 5140, the grandly-named Recovery Rebates and Economic Stimulus for the American People Act of 2008 It's the $146 billion economic stimulus package worked out by House and administration negotiators last week. At the heart of the package is a tax rebate that would provide checks of up to $600 for individuals and $1,200 for families. The rebate would be available to taxpayers earning over $3,000 in wages and would be phased out for individuals earning over $75,000 and families earning over $150,000. It also provides tax credits for businesses totaling roughly $50 billion. Last week, OMBW issued this statement on the shortcomings of H.R. 5140. At this writing, the Senate Finance Committee is marking-up a separate stimulus measure, proposed by panel chair Sen. Max Baucus (D-MT), summarized here, subject to amendment during mark-up. For a comparison of the relative merits of the tax rebate structure in the House and Senate packages and a proposal to combine the best of each at a net savings, see The State of The Stimulus: A Modest Proposal.