You may receive a rebate by spring

WASHINGTON — Spooked by stumbling stock markets around the world, Bush administration officials and members of Congress accelerated the pace of negotiations over a $150 billion economic-rescue bill Tuesday, saying they intended to pass it before Feb. 15.

That could put rebate checks into the hands of taxpayers by late spring.

"The attitude that we ought to get something done soon prevails on both sides," said the Senate's No. 1 Republican, Minority Leader Mitch McConnell of Kentucky. "Our definition of 'soon,' obviously, is in the next few weeks. That, by the standards in Congress, is pretty fast."

The goal is to pass the legislation, a mix of tax rebates and other measures aimed at jolting the economy with an infusion of consumer spending and business investment, before Congress adjourns for the Presidents Day break.

Negotiators wouldn't discuss details of the plan but expressed confidence that, for the first time since Democrats took control of Congress a year ago, both parties and two branches of government would be able to compromise to limit the damage of an economic downturn.

"All of us understand that we need to work together," President Bush said after meeting with congressional leaders at the White House.

White House officials said the president hadn't rejected making the stimulus package larger than the $150 billion that has recently been discussed.

"The details will be negotiated," White House spokeswoman Dana Perino said.

Congressional leaders said they wanted to fast-track the legislation by having House Speaker Nancy Pelosi, D-Calif., and Minority Leader John Boehner, R-Ohio, negotiate the provisions personally with Treasury Secretary Henry Paulson, who would take the lead for the Bush administration.

Pelosi also is expected to seek the agreement of committee chairmen to move the bill directly to the House floor without going through the usual round of committee meetings and votes.

On the Senate side, leaders are banking on momentum from the bill's probable success in the House to help speed it through the chamber, where passage is expected to be more difficult.

Occasional notes of discord were sounded within the ranks. Sen. Judd Gregg of New Hampshire, the top Republican on the budget committee, expressed doubt the tax rebates would stimulate the economy as much as Democrats promise.

"The money will be spent, but does it stimulate our economy?" Gregg said. "So much of our product that we consume in America today is produced outside the United States; maybe it stimulates the Chinese economy?"

Sen. Edward Kennedy, D-Mass., chairman of the labor committee, said the tax incentives for business investment favored by Republicans "do not provide an effective stimulus."