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So the news media and the blogosphere, obviously, are blowing up over the news of the economic stimulus package, tentatively agreed upon yesterday by President Bush and the House.

Now the package heads to the Senate after these terms were agreed on:

…House leaders in both parties agreed in principle on a plan to provide rebates of $300 to $1,200 for individuals and couples, an additional $300 a child for families, plus various tax breaks to spur business spending.

I’d love to know what you’re thinking about the stimulus package. Or, at the very least, what you’d do with the $300 to $1,200 check. Here’s a look from today’s LA Times, where people are “already planning their spending.”

“I’m not just going to go out and blow it, but it’s unexpected, and that’s a pretty good amount of money,” said Adam Finer, a 36-year-old lighting technician from Burbank. He and his wife, Mariella, a 24-year-old hotel front-desk clerk, might get a total of $1,200 from Uncle Sam.

If Congress passes the plan and President Bush signs it into law, what will they buy?

“We were just upstairs drooling over iPhones,” he said during a break from window-shopping at the Glendale Galleria. “This will make it easier to get one.”

Plus, there are tons of arguments for and against another part of the plan that would raise the cap on jumbo loans. Here’s a great description of the change, also from the LA Times:

The plan also would nearly double the size of loans insurable by the Federal Housing Administration, from $367,000 to $729,750.

The FHA was set up to provide mortgages to first-time buyers, including many with less-than-perfect credit, and insures loans to borrowers with down payments or home equity of as little as 3%.

Currently, any loans above $417,000 are considered “jumbo” mortgages. In recent months, they have become harder to obtain because skittish private investors have become reluctant to buy them.

Over in Nerd’s Eye View, Rich Toscano sounded off on the cap raise. What do you think? And what will you spend your check on, if the plan makes it through the Senate? Click my name below to send me an e-mail.

KELLY BENNETT

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