Rebate checks now in limbo

Associated Press ^ | 02/07/2008 | JULIE HIRSCHFELD DAVIS and ANDREW TAYLOR

[george76]

The fate of $600-$1,200 rebate checks for more than 100 million Americans is in limbo after Senate Republicans blocked a bid by Democrats to add $44 billion in help for the elderly, disabled veterans, the unemployed and businesses to the House-passed economic aid package.

GOP senators banded together Wednesday to thwart the $205 billion plan, leaving Democrats with a difficult choice either to quickly accept a House bill they have said is inadequate or risk being blamed for delaying a measure designed as a swift shot in the arm for the lagging economy.

The tally was 58-41 to end debate on the Senate measure, just short of the 60 votes Democrats would have needed to scale procedural hurdles and move the bill to a final vote. In a suspenseful showdown vote that capped days of partisan infighting and procedural jockeying, eight Republicans — four of them up for re-election this year — joined Democrats to back the plan, bucking GOP leaders and President Bush, who objected to the costly add-ons.

Democrats choreographed the vote for maximum political advantage, presenting their aid proposal as a take-it-or-leave-it proposition for Republicans and calling back their presidential candidates to make a show of party unity behind their stimulus plan.

They calculated that Republicans would pay a steep price for opposing rebates for older Americans and disabled veterans, as well as heating aid for the poor, unemployment benefits and a much larger collection of business tax breaks than the House approved.

[umgud]

Rebate checks now in limbo

Not for me, I'm not qualified to get one, but I sure am qualified to pay for others.

[miliantnutcase]

D*mn! You were going to be buying me a new stall converter for my truck.

[ican'tbelieveit]

eight Republicans — four of them up for re-election this year — joined Democrats

Who were they?

[flying Elvis]

Who were the eight?

[Hunble]

But, but, but...

You mean that people who never pay taxes will not get a refund on something they never payed?

Oh the horrors!

[Chuck54]

Republican following the Democrats into oblivion.....

Coleman (R-MN)
Collins (R-ME)
Dole (R-NC)
Domenici (R-NM)
Grassley (R-IA)
Smith (R-OR)
Snowe (R-ME)
Specter (R-PA)

[WildcatClan]

Bush should have just shut his yapper. These ‘stimulus packages’ never do anything anyway. He is going to make certain another Republican never gets elected again if he hasn’t done that already. Veterans and Seniors, you add them or pay for it in the elections.

If this package is so great then add 55 billion more to the economy and that will make the stimulus even greater, right? Bush shouldn’t be so reactionary every time Wall St. squawks. He knows these stimulus packages are always a day late and dollar short, and he had to see the obvious moves the Dems were going to make in response. Now the Dems look good and the Pubs will appear evil. WTG, we really are the stupid party.

[Washi]

The skittish ninnies on Wallstreet to freak out over this and the Dow will plummet.

[george76]

Not sure exactly.

searching : eight Republicans — four of them up for re-election this year

[VeniVidiVici]

So the dastardly Democrats voted to cut our rebate checks from $1200 to $1000. What a bunch of inconsiderate bastards.

[ajay_kumar]

The demorats are trying to make the rebate into a “welfare” package. The rebate is tax payers money and rightfully should be returned to tax payers. Since the rebate is “taxable” 2008 income, part of this rebate will be returned back to the US Treasury in April 2009 or sooner.

On the other hand if people who paid no tax in 2007 are included the treasury won’t get anything back in the form of 2008 tax due. SO it then amounts to welfare, pure and simple.

[george76]

Thanks

[ican'tbelieveit]

I thought the original package already had some “welfare” attributes by providing rebates to those wage “earners” that did not pay taxes anyway.

[Eva]

So, the McCain gang acted without him.

[ajay_kumar]

Also, if the gubermint wants us to spend the money quickly, why not issue Gift Cards good at major retailers and with an expiration date within 120 days? That would guarantee the money will be spend and FAST! A check on the other hand can be used for savings, paying back loans etc. which won't stimulate even a hyper puppy dog.

[ajay_kumar]

Only those people with $3000 minimum taxable income are eligible in the house package. So every one eligible for rebate has paid some tax. I know many seniors who pay ZERO tax.

[Gator113]

Just wait until next year.

Something ugly this way comes.

[Lijahsbubbe]

I don’t know why the Republicans would object to disabled vets or the elderly getting a check. They okayed it for illegals.

I just don’t feel like I have a team to pull for here. They seem to be more and more similar every day.

[Hardastarboard]

It occurs to me that the whole damn "recession" goes away if we would just drill in ANWR. Oil prices, and subsequently gasoline prices, would go down. We wouldn't be making the utterly imbecilic mistake of turning our food into alcohol, causing its price to rise. Drilling would directly create jobs for the drillers, stimulate Alaska's economy, and free up the average family's money for consumer goods instead of gasoline, thereby stimulating the economy.

It's such a logical plan I'm sure it will be adopted over night, unanimously by both parties.

/bleeding, dripping sarcasm

[NRA2BFree]

to add $44 billion in help for the elderly, disabled veterans, the unemployed and businesses to the House-passed economic aid package.

This is not going to set well with the voters. It's going to be played over and over in political ads chastising Republicans for keeping checks from the elderly, disabled vets, the unemployed and business owners. It's going to make them look bad.

[ican'tbelieveit]

If you only have $3000 minimum taxable income, you are not paying income tax. You are getting any tax you pay back with child rebates or something.

[Myrddin]

Not for me, I'm not qualified to get one, but I sure am qualified to pay for others.

Same here. My FIT for 2007 is enough to cover $300 checks to 110 people who didn't even pay $300 in FIT.

I was going to protest my condition by not spending anything until I realized that all the "viable" candidates from last night's political festivities are bona fide gun grabbers. I'm going to have to stimulate the economy and put a few treasures away in my gun safe before they get banned. There's just that annoying problem of waiting for that 2nd contract to fund. I'm averse to spending money on guns that I might need to eat.

[flying Elvis]

Down to $1000.00 huh? That’s going to put a crimp on my plans for an Ar-15 varmint-special.

[umgud]

I’m from CA and am happy to have several of my firearms that pre-date registration requirements.

[Myrddin]

On the other hand if people who paid no tax in 2007 are included the treasury won’t get anything back in the form of 2008 tax due. SO it then amounts to welfare, pure and simple.

I do the taxes for my two sons. The oldest has been working a minimum wage job. He earned $10,300 in 2007. He paid $110 in FIT, $64 in SIT. He will qualify for EITC and whatever welfare check this "stimulus" package distributes. That's a real world look at what is going on here.

[Redcloak]

They could just cut taxes and we’d get our money starting next paycheck. But that wouldn’t look like free money, would it.

[Lijahsbubbe]

It's going to make them look bad(der).

[Myrddin]

Only those people with $3000 minimum taxable income are eligible in the house package. So every one eligible for rebate has paid some tax. I know many seniors who pay ZERO tax.

If my son earned $10,300 and only paid $110 in FIT, how much FIT did someone earning $3,000 pay? If it's proportional, we're talking $30 in FIT to qualify for a $300 "rebate". It's WELFARE!

[billmor]

Aw shoot...leave it to the DimRATS...

It used to be a ‘chicken in every pot’ before the elections...now it’s ‘pot for every chicken....and the crop just failed’ ....and 8 inhaling Reps went along with them....dumb clucks.

[Myrddin]

I’m from CA and am happy to have several of my firearms that pre-date registration requirements.

I started acquiring my firearms collection in 1999 while living in San Diego. The AR-15 was banned by CA before I could save enough money to buy one. Moving to Idaho solved the problem. I opted for the Colt HBAR. That's as close to the standard military issue as I could purchase. I selected that model so my son could get some practice before doing his annual quals with the USMC. I prefer to shoot .223 through my Savage bolt guns and the T/C Encore. Both are capable of putting 10 though a single, fat hole at 100 yards. The Colt ends up with about a 1/2" group. Adequate for a semi-auto.

[Proud_USA_Republican]

working is for suckas!

[Tall_Texan]

What disappoints me is that Bush cut a deal with the Housre, which must have included folks like Pelosi and Rangel, yet the Senate still can’t keep their grubby hands out of asking for more. If it was good enough for Pelosi, why isn’t it good enough for Senate Democrats?

[ARE SOLE]

I’m from CA and am happy to have several of my firearms that pre-date registration requirements.

I have 3 long guns that I bought before they asked for registration. But it was my understanding that later on they demanded registration of weapons bought before the registration was a requirement. They made it retroactive. I never registered nine, I refused to.

My question for you is are they still legal? I don't think so.

Regards

[ari-freedom]

Romney believes in rebates and against cutting govt spending:
http://www.mittromney.com/News/Press-Releases/Research_Briefing_1.20

No, I can’t make this stuff up if I tried. He really is a liberal.

[NRA2BFree]

Just wait until next year.

Something ugly this way comes.

I think it's already here. Just look at what's running for Prez. No matter who wins, we still going to have a liberal.

[psjones]

Nice of Mccain to not even bother going to Washington to vote on the plan. I guess he was too busy crowing about how he won Arizona by a bigger margin than Romney won MA.

[psjones]

The bill also includes $10 billion in tax-free mortgage revenue bonds to help homeowners refinance subprime loans.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>.

Here’s something the bill inclulded which the headline left out (heard about this on the radio today, they mentioned the elderly, veterans, the unemployed, but of course, the headline never tells the entire story, does it).

[raygun]

SUMMARY OF U.S. TREASURY SECURITIES OUTSTANDING 31 DEC 07
	Amounts outstanding
	Public Holdings	Intra- Governmental Holdings	Totals $millions USD
Marketable:
Bills	999,547	4,327	1,003,875
Notes	2,487,368	1,119	2,488,487
Bonds	558,447	91	558,538
Inflation-Protected	471,430	256	471,686
Federal Financing Bank	0	14,000	14,000
Total Marketable	$4,516,792	$19,793	$4,536,585
Non-marketable series:
Domestic	29,995	0	29,995
Foreign	2,986	0	2,986
R.E.A.	1	0	1
State and Local Government	293,239	0	293,239
Savings Bonds	196,452	0	196,452
Government Account	91,189	4,073,077	4,164,266
Other	5,648	0	5,648
Total Non-marketable	$619,510	$4,073,077	$4,692,587
	=======	=======	=======
Total Public Debt	$5,136,303	$4,092,870	$9,229,173

[raygun]

Intragovernmental holdings ($millions):

2,024,392 - Federal Old-Age and Survivors Insurance Trust Fund
$ 696,301 - Civil Service Retirement and Disability Fund, Office of Personnel Management
$ 326,096 - Federal Hospital Insurance Trust Fund
$ 224,487 - Department of Defense Military Retirement Fund
$ 215,046 Federal Disability Insurance Trust Fund

---

$3,486,322

---

83.7% of total non-marketable government account series (comprising x funds/trusts)

[raygun]

Schedule of changes to public debt - by issue / maturity date - offset against initial position 31 Dec 07

Note: debits retire / credits renew (amounts listed are units of $1,000’s)

Type - Issue_Dt Maturity (Retired)/net - price/$1000

T-Bill 07/05/07 01/03/08 (20,573,316) @ 0.97568278
T-BIll 10/04/07 01/03/08 (21,907,561) @ 0.99029333
T-Bill 12/06/07 01/03/08 (29,000,238) @ 0.99758889

---

($71,481,115)

---

N/A

---

T-Bill 07/12/07 01/10/08 (20,552,453.0) @ 0.97548056
T-Bill 10/11/07 01/10/08 (21,855,436.0) @ 0.99007847
T-Bill 12/13/07 01/10/08 (23,000,048.0) @ 0.99775222
T-Bill 01/10/08 02/07/08 $15,965,870.36
T-Bill 01/10/08 04/10/08 $24,112,522.93
T-Bill 01/10/08 07/10/08 $23,707,753.75

---

($1,621,789.96)

---

($1,672,789.96)

---

TIPS : 01/15/98 01/15/008 (8,408,613.0) @ 0.99130 3.730% of inflation adjusted principle
TIPS : 10/15/98 01/15/008 (8,400,538.0) @ 1.00869 3.650% of inflation adjusted principle
TIPS : 01/15/98 01/15/008 (4,929,000.0) - TIPS adjustment for inflation a/o 31 Dec 07
TIPS : 01/15/08 01/15/18 $10,383,328.69 @ 1.002762028 [$10,411,966 @ 1.625 % on inflation adj face]

---

($11,354,822.31)

---

($13,027,612.27)

---

T-Bill 07/19/07 01/17/08 (21,711,896) @ $0.97540472
T-Bill 10/18/07 01/17/08 (21,855,838) @ $0.98942125
T-Bill 12/20/07 01/17/08 (20,000,217) @ $0.99786111
T-Bill 01/17/08 02/14/08 $ 8,978,497.821
T-Bill 01/17/08 04/17/08 $21,360,842.93
T-Bill 01/17/08 07/17/08 $23,680,869.16

---

($9,547,741.089)

---

(22,575,353.36)

---

T-Bill 07/26/07 01/24/08 (22,944,865.0) @ $0.97527833
T-Bill 10/25/07 01/24/08 (23,399,275.0) @ $0.99014167
T-Bill 12/27/07 01/24/08 (15,000,000.0) @ $0.99763556
T-Bill 01/24/08 02/21/08 14,979,659.25
T-Bill 01/24/08 04/24/08 22,279,724.52
T-Bill 01/24/08 07/24/08 24,627,531.85

---

$542,775.62

---

(22,032,577.74)

---

Notes: 01/31/06 01/31/08 (27,168,000) @ $0.99901510 @ 4.427 %
T-Bill 08/02/07 01/31/08 (24,010,871) @ $0.97573333
T-Bill 11/01/07 01/31/08 (25,681,327) @ $0.99009111
T-BIll 01/03/08 01/31/08 (17,000,111) @ $0.99766667
T-Bill 01/31/08 02/28/08 $19,968,135.96
T-Bill 01/31/08 05/01/08 $24,247,533.58
T-Bill 01/31/08 07/31/08 $26,981,412.86
Notes: 01/31/08 01/31/10 $26,864,204.08 [$26,922,862 @ 2.237 %]
Notes: 01/31/08 01/31/13 $15,680,302.68 [$15,704,984 @ 2.909 %]
TIPS : 01/31/08 01/15/28 $ 8,916,034.917 [$8,974,275 @ 1.75 % on inflation adj face]

---

$23,416,352.22

---

$ 1,383,774.481

---

T-Bill 08/09/07 02/07/08 (25,469,794) @ $0.97608722
T-Bill 11/05/07 02/07/08 (27,431,639) @ $0.99102639
T-Bill 01/10/08 02/07/08 (16,006,206) @ $0.99748000
T-Bill 02/07/08 03/06/08 $29,044,222.22
T-Bill 02/07/08 05/08/08 $28,918,383.71
T-Bill 02/07/08 08/07/08 $27,428,468.27

---

$16,483,435.70

---

$17,867,210.18

---

T-Bill 08/16/07 02/14/08 (24,089,787) @ $0.97618833
T-Bill 11/15/07 02/14/08 (27,478,804) @ $0.99132972
T-Bill 01/17/08 02/14/08 ( 9,000,058) @ $0.99760444
T-Bill 02/14/08 05/14/08 $**,***,***
T-Bill 02/14/08 08/14/08 $**,***,***

---

(60,568,649)

---

---

Notes: 02/17/98 02/15/08 (13,574,716.00) @ $0.99514 @ 5.564 %
Notes: 02/18/03 02/15/08 (27,483,982.00) @ $0.99866 @ 3.029 %
Notes: 02/15/05 02/15/08 (23,882,592.00) @ $0.99731536 @ 3.470 %
Notes: 02/15/08 02/15/18 $19,013,510.12 [$19,204,237 @ 3.50%]
Bonds: 02/15/08 02/15/38 $**,***,***.**

---

(45,927,779.88)

---

---

[My Favorite Headache]

No shockers on that list..that is for sure.

[Gator113]

Love your “Plan”. Don’t know how many it will take to push my Tundra with my boat in tow.

Seems they should be able to swim fast enough to bring the boat up to a good cruise speed. ;>)

[PizzaDriver]

Have any of the authors or revisers of that Bill tried to insert “Wording” urging these Dollars Be Used to by AMERICAN?

It wouldn’t be too hard to write a letter that explains the value of spending Rebate Dollars on Carpet Cleaning, Omaha Steaks, or Red Wing work shoes,etc., rather then Asian Goods from Wal-Mart.

[AnotherUnixGeek]

The fate of $600-$1,200 rebate checks for more than 100 million Americans is in limbo after Senate Republicans blocked a bid by Democrats to add $44 billion in help for the elderly, disabled veterans, the unemployed and businesses to the House-passed economic aid package.

The supposed tax rebate intended to spur spending and boost the economy has turned out to be a typical government redistribution of money from taxpayers to non-taxpayers.

[ByDesign]

“Down to $1000.00 huh? That’s going to put a crimp on my plans for an Ar-15 varmint-special.”

Funny, I had just decided the other day that I was going to spend what was left of mine on my first gun, a handgun.

Oh, what the heck, i’m gonna get it with my own money.

[chuckles]

I was watching a financial channel earlier today and this thing still needs to be stopped. Lobbyists are slathering it with pork to speculators and home builders. It's too complicated to explain her but it will make whole the guys that bought 12 houses with nothing down and rented them for more than the payment. It also would allow the home builders to take losses on land and homes that they sell to other businesses that they own themselves. They set up a front business and sell the property at at a loss to themselves and file to the government for help. Also, the illegals are STILL going to get checks. They are trying to get specific language in it that says their Social Security number must be real and not a duplicate. The government says they don't have the manpower or time to check them all.

This is going just like the Katrina money. Send the money out quick cause the media makes you look cold hearted, and spend the next 10 years trying to get back billions from people that don't even live in La. How many spent their money on crack the first week anyway?

[Recovering_Democrat]

This just in: Republicans grow a pair. Film at 11.

[raybbr]

Not for me, I'm not qualified to get one, but I sure am qualified to pay for others.

How does a rebate of money I paid in "cost" you?

[anoldafvet]

You are absolutely right. The virtual doubling of the price of gasoline and natural gas is just like a tax hike. If we had anybody with brains in our party, they would be trumpeting this fact to the high heavens. Taking money out of the pockets of consumers kills the economy, a fact which the tax raisers in the RAT party apparently overlooked in their so called “Energy Bill”.