President Bush has signed into law a $152 billion economic stimulus bill approved by Congress last week.
Members of Congress from both political parties joined the president at the White House signing ceremony. He thanked them for coming together and providing immediate tax relief for American families.
President Bush called the stimulus plan a "booster shot for our economy."
The plan is intended to provide a quick infusion of cash into the economy through tax rebates of up to $600 for individuals and $1,200 for couples. Parents will get an additional $300 per child.
The law also gives businesses new tax breaks.
Rebates are to go out beginning in May to taxpayers and low-income people, including seniors living off of Social Security and veterans who depend on disability checks. Businesses would get tax breaks for investing in new plants and equipment.
"I know a lot of Americans are concerned about our economic future," Bush said. "Our overall economy has grown for six straight years, but that growth has clearly slowed."
The economic stimulus bill was approved by Congress last week.
Several dozen members of Congress, including House Speaker Nancy Pelosi, stood on the stage behind Bush as he signed the bill intended to fend off a possible recession.
"This package gets money into the hands of Americans struggling to make ends meet, helps families with children," Pelosi said. "[It] cuts taxes for small businesses that will create new jobs and stimulates our slowing economy."