"This money is going to help Americans offset the high prices we're seeing at the gas pump and at the grocery store, and will also give our economy a boost," Bush said Friday.
Nearly 7.7 million Americans will get their checks electronically during the first week, Bush said at the White House. By this summer, he said, the Treasury will have sent rebates to about 130 million U.S. households.
"It's obvious our economy is in a slowdown," Bush said, speaking on the White House South Grounds. Bush has denied that the U.S. is in a recession. The rebates are part of the bipartisan stimulus package passed by Congress enacted in February.