Senate approves massive economic stimulus package

Senate approves massive economic stimulus package

www.marketwatch.com

Senate approves massive economic stimulus package

By Robert Schroeder
Last update: 12:44 p.m. EST Feb. 10, 2009Comments: 36
WASHINGTON (MarketWatch) -- Senators approved an $800 billion-plus stimulus bill on Tuesday, handing President Barack Obama a legislative victory on his chief economic priority. The bill is a mixture of tax cuts, targeted spending on infrastructure projects and money to cash-strapped states. The measure must now be reconciled with a House version before being sent to Obama for signature. The president has warned of economic "catastrophe" without the bill

(visit the link for the full news article)

i was wondering how the ATS community felt about this story. i personly feel its a hijacking. the word "stimulus" is missleading. this bill is mostly poltician pet project proposals. how is STD prevention, things like golf course and yacht docks going to make any appericible postive impact? that just my view i would like to get some feedback on other views though

www.marketwatch.com
(visit the link for the full news article)

STD prevention was removed from the bill at the request of Republicans. Show me the golf course and yacht docks provisions in the bill and I will comment on them.

[edit on 10-2-2009 by Benevolent Heretic]

They passed it and now it is back to committee to reconcile this bill with the one the House passed.

Neither is good in my mind; more emphasis on spending than actual stimulus.

Now, we get to wait and see what the reconciled package looks like.

Here are some of the things they have to work out:

The price tags of the two bills are roughly the same: the House bill is $819 billion and the Senate's is $838 billion. The composition, however, is different.

The House version includes more spending on education and aid to states, totaling about $100 billion.

The Senate's bill includes more in tax cuts, including $70 billion to patch the Alternative Minimum Tax. The tax was intended to target the wealthy, but now hits many middle-class families.

The Senate version of the bill also makes changes to the president's signature middle-class tax cuts. Obama had campaigned on tax breaks for those making $75,000 or less. The Senate version provides tax breaks for individuals making $70,000 a year or less or for couples making $140,000 a year or less. That's different than the $150,000 in the House bill.

Some other differences between the two bills:

• The Senate bill, unlike the House version, would make the first $2,400 of unemployment benefits tax free. Both the Senate and House bills extend the time that jobless workers can collect benefits.

• The Senate bill includes an amendment that would let those who buy a car in 2009 deduct the interest they pay on their car loan as well as the sales tax charged in the purchase. The House bill doesn't include this provision.

• The Senate bill doubles the House's tax credit for first-time homebuyers to $15,000, a measure championed by Republicans in the Senate.

Source

[edit on 2/10/2009 by skeptic1]

Originally posted by invisibleman11

Senate approves massive economic stimulus package

www.marketwatch.com

Senate approves massive economic stimulus package

By Robert Schroeder
Last update: 12:44 p.m. EST Feb. 10, 2009Comments: 36
WASHINGTON (MarketWatch) -- Senators approved an $800 billion-plus stimulus bill on Tuesday, handing President Barack Obama a legislative victory on his chief economic priority. The bill is a mixture of tax cuts, targeted spending on infrastructure projects and money to cash-strapped states. The measure must now be reconciled with a House version before being sent to Obama for signature. The president has warned of economic "catastrophe" without the bill

(visit the link for the full news article)

The bill is a mixture of tax cuts, targeted spending on infrastructure projects and money to cash-strapped states.

Thats the first time I have seen those words anywhere when talking about the Bill in previous talks.

Im tired of getting the truth after the lies.

reply to post by invisibleman11


You know what I find very odd about this whole joke of a bail out is that they are telling the rest of the western world its 1.5 TRILLION! NOT 800 BILLION here is the bbc link:
news.bbc.co.uk...
US unveils new $1.5 trillion plan
You may now kiss our worldwide way of living GOOD BYE, it's over!

reply to post by Cio88


Truth aye? Check the dates in the actual bill for when they are going to release the money.....not this year hunny.....
All the people who helped get this admin in office are getting paid first then we the American people get whats left say around 2010!

another thing i find intresting is how the market is reacting. the DJIA is down 350 points as of 10:32 pm (pacific time). we are seeing trillions of taxpayer money fly out the window. this is a power grab unlike anything America has ever seen.

OhI knew that, I was just pointing out the wordage used.

The american people better brace for impact.. because this is going to hurt..Bad

reply to post by invisibleman11


What do I think? Its a trainwreck. Its basically just a spending bill disguised as a 'stimulus' package and will make the situation worse in the long run. The jobs that it does create will mostly be temporary, leaving us in the same boat a few years down the road, but at a cost of several trillions of dollars once the interest on the new debt is factored in.

They're pouring more gasoline on an inferno. I'm not a doom-and-gloom type of person, but at this point, I'm starting to prepare for the worst.

reply to post by xoxo stacie


You're talking about 2 different plans. One is for stimulus (the recovery plan - $800 B) and one is for the banking "bailout" that Bush started before he left office, which was $700 at that time. It is going to grow to the $1.5 T that your source is reporting.

im not an economist but it seems to me that all this gigantic amount of spending is just going to destroy the dollar. and what happens when we really need money in the event of a major war. what are we going to do when we cant scratch up enough tax money to defend the country

i have grave reservations about this stimulus plan. gasoline on the fire indeed!