Rebates from the 2008 economic-stimulus package are set to begin going out Monday, President Bush said, reiterating that the infusion of cash will help lift the U.S. economy out of its ongoing slowdown. The Treasury Department will send out the first wave of rebates via direct deposit starting next week, and paper checks will begin going out May 9. The rebates are worth up to $600 a person or $1,200 a couple.

"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.