WASHINGTON -- President George W. Bush said the economy is "in a slowdown," but he hopes tax rebates that start going out Monday will help shore things up.

"Starting Monday, the effects of the stimulus will begin to reach millions of households across our country," he said Friday.

The rebates are going out earlier than previously announced.

The Internal Revenue Service had said direct deposits wouldn't start until next Friday. Bush said paper checks would begin going out on May 9, a week earlier than previously announced.

"I'm pleased that the Treasury Department has worked quickly to get the money into the hands of the American people," Bush said.

Bush said the rebates will help people cope with higher gas and food prices.

"This money is going to help Americans offset the high prices we're seeing at the gas pump and at the grocery store, and it will also give our economy a boost to help us pull out of this economic slowdown," Bush said.

The rebates range from $300 to $1,200 and are the centerpiece of the government's $168 billion economic stimulus package, enacted in February. Roughly 130 million households are expected to get them.

Taxpayers must file an income tax return to be eligible for the rebates, and, Bush said, it's not too late to do so.

"If you've already filed your income tax return, your rebate is on the way," he said.

The Bush administration is hoping that people will spend the money, helping to bolster the economy.

Many economists believe the economy may already be in a recession.