Political leaders in the United States finished a deal today on a US$150 billion stimulus package aimed at boosting the slowing U.S. economy.

Republican and Democratic congressional officials reached the agreement after a week of intense haggling with the government of President George Bush.

The package would give most tax filers refunds of US$600 to US$1,200.

Individuals who pay taxes could get up to US$600, while couples could get back as much as US$1,200 . Couples could also get an additional US$300 per child.

Workers who make at least $3,000 but don’t pay taxes would get $300 rebates.

The rebate will be extended to individuals earning up to US$75,000 and couples bringing home US$150,000 or less.

Another component of the plan would give a lift to home buyers and sellers in higher-priced housing markets, allowing government-sponsored Fannie Mae and Freddie Mac to buy mortgages at least 50% more expensive than the current US$417,000 limit.

The package also includes relief for the U.S. corporate sector. Businesses will get more generous tax breaks for equipment investment, and small firms will get greater leeway to write off their expenses.

The personal tax rebates will cost the U.S. government about US$100 billion, while the business cuts will cost an estimated US$50 billion.