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House Democrats Propose $825 Billion Stimulus Bill


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#1 El Guapo

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Posted 15 January 2009 - 05:02 PM

This may be one of the worst thought out ideas I have ever seen. The democratic party is doing everything they can to turn a recession into a depression.House Democrats propose $825 billion stimulus billThursday January 15, 7:18 pm ETBy Andrew Taylor, Associated Press WriterObama allies reveal $825 billion stimulus bill, with an even higher price tag possibleWASHINGTON (AP) -- House Democrats unveiled an $825 billion economic recovery bill Thursday, unprecedented in its scale and reach, that would provide an enormous infusion of public spending in hopes of kick-starting the sagging economy.ADVERTISEMENTThe legislation -- two-thirds spending and one-third tax cuts -- would provide help for the poor and unemployed and hand out huge grants for local schools and state governments, among its many provisions.Its sponsors said it would meet President-elect Barack Obama's promise of creating or preserving more than 3 million jobs.Virtually everyone living in the United States would be affected by the plan. A $500 tax cut would reach 95 percent of workers and $1,000 for working couples. First-time home buyers purchasing homes between Jan. 1 and June 30 would get a $7,500 tax credit, and local school districts would be spared severe cuts as state and local governments budgets collapse -- to the tune of $120 billion over the next two years. States would get $87 billion worth of help with their Medicaid budgets over the next two years.But there's also money for fresh sod for the National Mall and millions of $40 coupons to help people adapt their old televisions for digital signals, raising questions about how efficient the legislation would be in creating jobs. Even bill drafters such as Appropriations Committee Chairman David Obey, D-Wis., admits that much of the money won't flow into the economy immediately.And Obey says more may be required."This product may in fact undershoot the mark," Obey told reporters.Whatever doubts there may be about how effective the plan would be, it's on a fast track through Congress in hopes of reaching Obama's desk within a month."It is about job creation," House Speaker Nancy Pelosi, D-Calif., said. "It is about clean, efficient energy in America to transform our economy through investments in science and technology. ... It is about modernizing our roads, bridges; education for the 21st century; tax cuts that make work pay and create jobs."At the same time, the measure helps the poor, unemployed and people who have lost their health insurance. Food stamp allotments would increase 13 percent, or about $20 a month, while the unemployed would see their benefits extended and increased by $25 a week.People who lost their jobs after Sept. 1, 2008, could have the government pay almost two-thirds of their health insurance premiums under the COBRA law. Poorer people who have been fired recently could get health coverage through the Medicaid program.The measure also contains about $90 billion for traditional infrastructure projects such as road and bridge repair and construction, modernizing federal building, clean water and flood control projects, and rail and mass transit construction.That failed to impress Terence O'Sullivan, general president of the Laborers International Union of North America, who said it "falls far short."And AARP complained that the measure doesn't do much for senior citizens.Pelosi seems proudest of the measure's investments in renewable energy and science, including $32 billion to upgrade the nation's electrical distribution system, more than $20 billion in tax cuts to promote the development of alternatives to oil, and billions more to make public housing, federal buildings and modest-income homes more energy efficient.Republicans were aghast at what they saw."My Democratic colleagues think they can borrow and spend their way back to prosperity," said House Republican leader John Boehner of Ohio.Obama issued a statement praising the bill, saying it would "save or create over three million jobs, provide tax relief to struggling families and businesses that create jobs, and invest in priorities like health care, education, and energy that will make America strong and competitive in the 21st century."House committees are working on a schedule that calls for votes next week on the bill, which would then be advanced to the floor for a vote during the last week of this month.Across the Capitol, a companion measure is expected to move along roughly the same timeline in the Senate, and congressional leaders have expressed confidence they would be able to agree on a final version by the time of a scheduled vacation coinciding with Presidents' Day.Obama's top aides worked closely in recent days with Democrats in Congress to shape the House legislation, which generally adheres to his wishes.At the same time, lawmakers departed significantly in one area, jettisoning as unworkable the incoming administration's plan to give a $3,000 tax credit for each new job created by private companies.Another key priority of the new administration was preserved though. The bill calls for a tax credit of $500 per worker and $1,000 per working couple.The measure does not include money to help middle- to upper-income taxpayers ensnared in the alternative minimum tax, which was designed originally to prevent the extremely wealthy from avoiding payment of taxes but now threatens more than 20 million tax filers.It would have boosted the portion of the measure dedicated to tax cuts well above $300 billion, too high for both liberal and conservative Democrats. But the Senate was likely to include that provision in its version of the bill, a step that could push the overall total close to $900 billion.Democrats promise "unprecedented accountability" with the creation of a Web site detailing how the money would be spent. They also said the bill would include none of the pet projects that lawmakers are fond of.Still, lawmakers in the know had an idea where much of the money will be spent. For example, the Appropriations Committee says there are as many as 20 polluted Superfund sites that would get funding to begin construction. And powerful members of Congress are likely to privately lobby departments like the Pentagon to win new barracks and military child care centers for their districts.To avoid embarrassment, the measure says specifically that the money can't "be used for any casino or other gambling establishment, aquarium, zoo, golf course or swimming pool."Other items in the measure include funds for state and local law enforcement, extending broadband service to rural and other underserved areas and $20 billion to computerize health records, a key priority of the incoming president.

#2 dapokerbum

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Posted 15 January 2009 - 05:11 PM

I agree! This is retarded. We are going to witness history with our new president elect. Unfortunately I think it will not be the good history that the voters had hoped for. If this is the beginning of his legacy, then I fear for the future.
There was madness in any direction, at any hour…You could strike sparks anywhere. There was a fantastic universal sense that whatever we were doing was right, that we were winning…. And that, I think, was the handle-that sense of inevitable victory over the forces of Old and Evil. Not in any mean or military sense; we didn’t need that. Our energy would simply prevail. There was no point in fighting-on our side or theirs. We had all the momentum; we were riding the crest of a high and beautiful wave….So now, less than five years later, you can go up on a steep hill in Las Vegas and look West, and with the right kind of eyes you can almost see the high-water mark-that place where the wave finally broke and rolled back.

#3 nutzbuster

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Posted 15 January 2009 - 05:20 PM

US economy, meet cliff



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#4 El Guapo

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Posted 15 January 2009 - 05:28 PM

Man I just read it again. Someone needs to punch Pelosi square in the mouth, maybe she will shut up.She is proud that 52 billion is going to alternative energies. Great. They lose money now as it is, lets thrown more good money after bad.

#5 BigLebowski

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Posted 15 January 2009 - 05:45 PM

View PostEl Guapo, on Thursday, January 15th, 2009, 8:02 PM, said:

This may be one of the worst thought out ideas I have ever seen. The politicians are doing everything they can to turn a recession into a depression.
FYP a little

View Postnutzbuster, on Thursday, January 15th, 2009, 8:20 PM, said:

US economy, meet cliff

View PostEl Guapo, on Thursday, January 15th, 2009, 8:28 PM, said:

Someone needs to punch Pelosi square in the mouth, maybe she will shut up.
I can't believe they couldn't find a better candidate and instead re-elected her.If this scares you, just wait until the other $350B in TARP money is handed out. There should be some gems in there.
Nihilists! F&*k me. I mean, say what you like about the tenets of National Socialism, Dude, at least it's an ethos.

#6 Nimue1995

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Posted 15 January 2009 - 05:51 PM

Think I'll invest in whichever companies make Tums and Pepto-Bismol. I believe we're going to see a great number of people with indigestion.
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#7 El Guapo

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Posted 15 January 2009 - 05:52 PM

View PostBigLebowski, on Thursday, January 15th, 2009, 5:45 PM, said:

If this scares you, just wait until the other $350B in TARP money is handed out. There should be some gems in there.
Not that the TARP is a good thing, but at least there was some sound reasoning behind it, not not allow our entire financial network possibly collapse.But this, this is just insanity.52 billion to alt energyFood stamps would increaseUnemployment extendedGov paying for COBRAMore money to schoolsetc.

#8 BigLebowski

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Posted 15 January 2009 - 06:03 PM

View PostEl Guapo, on Thursday, January 15th, 2009, 8:52 PM, said:

Not that the TARP is a good thing, but at least there was some sound reasoning behind it, not not allow our entire financial network possibly collapse.
Agreed, but I think there is going to be a major shift as to where this money is going. It is starting to become obvious what a lot of people have said all along...the first $350B didn't make much of a dent and another $350B to the same institutions probably won't do much either. Nimue, don't forget about alcohol and lottery ticket producers.
Nihilists! F&*k me. I mean, say what you like about the tenets of National Socialism, Dude, at least it's an ethos.

#9 Loismustdie

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Posted 15 January 2009 - 06:29 PM

View PostBigLebowski, on Thursday, January 15th, 2009, 7:03 PM, said:

Agreed, but I think there is going to be a major shift as to where this money is going. It is starting to become obvious what a lot of people have said all along...the first $350B didn't make much of a dent and another $350B to the same institutions probably won't do much either. Nimue, don't forget about alcohol and lottery ticket producers.
The first 350 wasn't used to do what it was supposed to be used for. It was mostly just large cash infusions, bad assets are mostly still on the books.
So much for a comeback.

#10 BigLebowski

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Posted 15 January 2009 - 06:51 PM

View PostLoismustdie, on Thursday, January 15th, 2009, 9:29 PM, said:

The first 350 wasn't used to do what it was supposed to be used for. It was mostly just large cash infusions, bad assets are mostly still on the books.
Do you think the 2nd 350 is going to those assets?
Nihilists! F&*k me. I mean, say what you like about the tenets of National Socialism, Dude, at least it's an ethos.

#11 85suited

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Posted 15 January 2009 - 06:59 PM

the democrats have no idea about job creation

#12 BigLebowski

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Posted 15 January 2009 - 07:12 PM

View Post85suited, on Thursday, January 15th, 2009, 9:59 PM, said:

the democrats have no idea about job creation
I think they do, but they realize that a lot of their constituents don't want jobs so they are doing everything they can to prop them up.
Nihilists! F&*k me. I mean, say what you like about the tenets of National Socialism, Dude, at least it's an ethos.

#13 LongLiveYorke

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Posted 15 January 2009 - 07:35 PM

...I kind of like it. Pretty much every economist that I've heard believes that we need a major jolt in the form of a stimulus package, and this one isn't really too bad. This or something like it is going to get passed by the Democratic house and hill, and I, for one, think it's going to help. It's pretty make or break. If it plays any part in the economy getting better, Democrats get another blowout election in 2 and 4 years. If not and things get worse, Repubs make a comeback.

#14 LongLiveYorke

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Posted 15 January 2009 - 07:35 PM

Blah, double post. Serves me right for being a Democrat.

#15 nutzbuster

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    Point taken....

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Posted 15 January 2009 - 07:55 PM

View PostLongLiveYorke, on Thursday, January 15th, 2009, 8:35 PM, said:

Blah, double post. Serves me right for being a Democrat.
:conservativehugsface:



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#16 El Guapo

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Posted 15 January 2009 - 08:00 PM

View PostLongLiveYorke, on Thursday, January 15th, 2009, 7:35 PM, said:

...I kind of like it. Pretty much every economist that I've heard believes that we need a major jolt in the form of a stimulus package, and this one isn't really too bad. This or something like it is going to get passed by the Democratic house and hill, and I, for one, think it's going to help. It's pretty make or break. If it plays any part in the economy getting better, Democrats get another blowout election in 2 and 4 years. If not and things get worse, Repubs make a comeback.
It's not that easy, if it doesn't work, it's depression time. We will have shelled out close to 4 Trillion dollars in federal funds in less than 2 years, with no way to pay it back. This would make the new deal look miniscule. It was about 500 Billion in todays dollars.

#17 LongLiveYorke

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Posted 15 January 2009 - 08:30 PM

View PostEl Guapo, on Thursday, January 15th, 2009, 11:00 PM, said:

It's not that easy, if it doesn't work, it's depression time.
Sorry, I didn't mean to imply that the only bad outcome of this package's failure would be the downfall of the Democrats. I guess the downfall of the economy for a while wouldn't be so hot either.

#18 brvheart

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Posted 16 January 2009 - 12:22 AM

This is really really bad for the country. I hate bailouts and am sad that Ron Paul isn't taking office next week.

View PostiZuma, on 20 August 2012 - 11:32 AM, said:

napa I was jesus christing suited, you guys just slipped in before me.

View PostEssay21, on 25 February 2013 - 08:32 PM, said:

.

#19 Potomophobia

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Posted 16 January 2009 - 03:25 AM

We are all screwed.Democrats, Republicans....... it doesn't matter.Unless of course you are rich enough to qualify for a "bail out" for f**king things up beyond all possible comprehension.Ever heard of LTCM? Ever heard of the 2 economists that were going to change the world with their brilliant mathematical formulas? 2 weeks after these geniuses were awarded the Nobel prize in ECONOMICS...... their company went belly up and had to be bailed out by the Federal Reserve.Ever heard of Enron? Ken Lay? Jeff Skilling?All of the people who worked for those companies are still out there. As we say in the medical field..... the cancer has metastasized.
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#20 akoff

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Posted 16 January 2009 - 04:48 AM

View PostLongLiveYorke, on Thursday, January 15th, 2009, 7:35 PM, said:

...I kind of like it. Pretty much every economist that I've heard believes that we need a major jolt in the form of a stimulus package, and this one isn't really too bad. This or something like it is going to get passed by the Democratic house and hill, and I, for one, think it's going to help. It's pretty make or break. If it plays any part in the economy getting better, Democrats get another blowout election in 2 and 4 years. If not and things get worse, Repubs make a comeback.
pretty much every scientist thought global warming was being caused by SUV use....
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