Americans are already thinking about what they'll do with the tax rebates outlined in an economic stimulus bill that President Bush has said he will sign next week. The rebates will be as high as $600 per individual and $1,200 per couple, plus $300 for each child. The Administration and Congress have agreed that the economy could get a shot in the arm if Americans spend that money on goods and services.

But a new poll by CCH, publisher of CompleteTax tax-prep software, shows only 21 percent of Americans plan to spend most or all of those funds at the mall. Nearly half (47 percent) said they would likely use it to pay down debt, and another 32 percent would save it.

You could look at that as heartening news--that Americans are finally getting serious about paying down record debt and improving upon our historically low savings rate. Or you could wonder if people are so burdened by debt and monthly bills that new spending is no longer a choice.

Either way, if this poll proves to be predictive, it's unlikely the economy will get the shot in the arm the politicians expect. But the extra cash will be helpful to many of us. And maybe our behavior will send a message to the pols: Control your debt and nurture your nest egg before you go out and spend more.

--Tobie Stanger