As congressional Democrats debate when and how to advance a second economic stimulus package, President Bush announced Friday that tax rebates approved earlier this year will start going out Monday.

“It’s obvious our economy is in a slowdown. Fortunately, we recognized the signs early and took action,” Bush said at the White House.

“On Monday, the Treasury Department will begin delivering the first of these tax rebates by direct deposit. During the first week alone nearly 7.7 million Americans will receive their tax rebates electronically. Then on May 9th, the IRS will begin mailing checks to millions more across America,” he said.

Working with unusual speed and bipartisanship, Congress cleared the first stimulus package Feb. 7 in a bid to get cash into the hands of American consumers quickly in hopes they would spend it. Consumer spending accounts for roughly 70 percent of gross domestic product.

House Speaker Nancy Pelosi , D-Calif., Majority Leader Steny H. Hoyer , D-Md., and Minority Leader John A. Boehner , R-Ohio, hailed the rebates at a noon press conference. But they remain divided over whether and when a second stimulus is needed.

Bush and congressional Republicans thus far have said they want to wait until they see what impact the tax rebates have once they reach consumers’ pockets. Democrats want to move ahead now with steps such as an extension of unemployment benefits, expansion of food stamps and infrastructure spending to create jobs.

“The strain of the economic downturn on middle- and low-income families demands, in my view, consideration of a second stimulus package,” Pelosi said. “And we have begun some conversations with the administration and the Republicans on that.”

The tax rebates, which range from $300 to $600 per individual (double for married couples) are expected to reach some 130 million households by this summer.

Families with children would receive an additional payment of $300 per child. Eligibility for the rebates phases out starting at $75,000 adjusted gross income for individual taxpayers and $150,000 for married couples.