Economists differ on whether or when the United States economy will slide into recession, but clearly growth and consumer spending have slowed. Many workers face rising debt and cost of living along with stagnant wages; and the housing crisis is very real. All this contributes to tangible economic anxiety.

In the face of that anxiety, something virtually unheard of happened recently in Washington: House leaders and the Bush Administration agreed to a bipartisan economic stimulus proposal that would provide tax rebates to individuals to encourage consumer spending and incentives to businesses to encourage investment.

It wasn't an easy compromise to reach. Speaker Nancy Pelosi's (D-Calif.) Democrat colleagues wanted to add billions of dollars in new spending programs to the bill; Minority Leader John Boehner's (R-Ohio) Republican colleagues wanted more business tax breaks.

But the two Congressional leaders argued for a timely, temporary and targeted bill, and led their colleagues to successful House passage of the measure—with broad bipartisan support—within only a few days.

Despite the quick action in the House, partisan bickering threatened to stall the bill in the Senate. The Finance Committee added numerous spending and tax measures and extended the individual tax rebate to low-income seniors and disabled veterans not otherwise covered. The additional spending had broad Democratic backing but could not pass without more Republican votes than Democrat Leader Harry Reid (D-Nev.) could count on. Republican leader Mitch McConnell (R-Ky.) had to keep most of his party colleagues on his team, but the top Republican on the Finance Committee had already led a defection of a few Republicans to the Democrats.

Seeking to break the logjam, McConnell offered a compromise to include tax rebates for seniors and veterans, but not more spending. Rejecting the compromise, Reid insisted that Republicans agree to the additional spending proposals and accused them of being anti-veteran and anti-senior for failing to agree.

Reid forced a Senate vote on the expanded bill but failed to get the 60 votes necessary for success—and then threatened to stall further action. Fortunately, he eventually backed down. The McConnell compromise then passed the Senate with broad bipartisan support. The House passed the Senate version of the bill the same night and sent it to the President for his signature.

Bipartisan cooperation trumped partisan politics. Rebate checks are expected to reach taxpayers' pockets by May. Quick enactment of the bill ensured that businesses will have most of the calendar year to take advantage of the increase to $250,000 in first-year expensing and/or the 50 percent bonus depreciation provided in the bill.

As of this writing, a second stimulus package is being considered. It remains to be seen if the bipartisan détente in Congress can continue and whether business will again be in a position to unite around reasonable tax legislation.