CNNMoney.com
Companies Economy International Corrections Pre-market Trading After-hours Trading Winners/Losers/Actives Bonds Currencies Commodities World Markets Money Magazine Real Estate Taxes Jobs Ask the Expert Money 101 Autos Mutual Funds The Help Desk Loan Center Best Places to Live Ask the Expert Ultimate Guide to Retirement Retirement Calculators Rules of Retirement Best Funds Best Places to Retire Fortune Brainstorm Tech Apple 2.0 Blog Big Tech Blog Sectors and Stocks Tech Talk Resource Guide Small Business Makeovers Questions & Answers Small Business Video 100 Best Places to Launch FSB 100 Fortune Small Business Fortune 500 Brainstorm Tech Investing Management C-Suite Rankings Main Create Portfolio Edit Portfolio Create Alerts Edit Alerts

Stimulus, week 8: $6.9 billion

Treasury Department sends payments to another 9.1 million households. Total so far: $70.8 billion.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Catherine Clifford, CNNMoney.com staff writer

Who has the most power to lower gas prices?
  • Congress
  • Consumers
  • The President
  • Saudi Arabia

NEW YORK (CNNMoney.com) -- The Treasury Department said Friday that it sent out 9.1 million economic stimulus checks this week, totaling $6.9 billion.

Since April 28, the Treasury has distributed 85.2 million stimulus payments, totaling $70.8 billion, in the government's effort to revitalize the nation's slackening economy.

Only three weeks remain until the majority of the stimulus payments are distributed, according to the Treasury Department.

The stimulus program was enacted earlier this year in the wake of a slowdown tied to the credit crisis and the end of the housing boom.

It is unclear how much the stimulus checks are helping consumers.

"The retail sales data that we saw for May was fairly strong, suggesting that consumers are spending at least some of the money," said Scott Hoyt, senior director of consumer economics at Moody's Economy.com. "On the other hand, we have seen very little of a pick up in consumer confidence," he added.

Many Americans are using their checks to cover the rising cost of gas and food. "If consumers use their checks to fill their gas tanks and pantries, then it is not going to help the economy that much," said Hoyt.

The IRS said Thursday that about 5 million people who are eligible for stimulus payments have not yet applied for their check. People whose main income is Social Security or veterans benefits may not be required to file a federal tax return, but they are still eligible for a stimulus check.

The IRS said it would continue to reach out to veterans and retirees through the summer attempting to get the stimulus payments to everybody who is owed one.

The Treasury will distribute more than $110 billion to 130 million taxpayers by July. The first payments were made electronically, and nearly all of those were direct deposited into tax filers accounts by the fifth week of the campaign. By July 11, virtually all of the paper checks should be in the mail.

To qualify for a stimulus payment, individuals and households must file a 2007 income tax return. Single taxpayers with adjusted gross income of less than $75,000 last year will get checks of as much as $600. Joint filers with adjusted gross income of less than $150,000 were eligible for a rebate of up to $1,200.

In addition, parents will also receive $300 per child under 17; there is no cap on the number of qualifying children eligible. To top of page

Features
Markets Last Change
Dow Jones 10,520.10 53.66 / 0.51%
Nasdaq 2,285.69 16.05 / 0.71%
S&P 500 1,126.48 5.89 / 0.53%
10-year Bond 96 15/32 Yield: 3.80%
U.S.Dollar 1 euro = $1.441 0.003
December 24, 2009 12:00 AM ET
CompanyPrice% Change
YRC Worldwide Inc 1.01 6.23%
Freddie Mac 1.26 -3.82%
US Airways Group Inc 5.35 3.50%
Allegheny Technologies Inc 45.68 3.30%
Dec 24 12:43pm ET †
Biggest losers: Where Americans aren't moving Through most of the decade Florida was one of the fastest growing states. But the sunny clime -- and 6 others -- lost more residents than they gained in the year ended July 1. More
8 hot cars: Class of 2000 In just 10 years, the market's changed a lot when it comes to cars. Where are these models now? The Prius became a hit; the Aztek got killed. More
Obama's Main Street favorites President Obama meets often with small business owners, peppering his speeches with their stories. We checked in with 6 entrepreneurs touted by the President to find out how they handle health care. More

Sponsors

© 2009 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy. Advertising Practices.
Copyright © 2009 BigCharts.com Inc. All rights reserved. Please see our Terms of Use.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use.
Intraday data is at least 20-minutes delayed. All times are ET.
Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data.
Fundamental data provided by Morningstar, Inc..
SEC Filings data provided by Edgar Online Inc..
Earnings data provided by FactSet CallStreet, LLC.