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WASHINGTON (CNN) -- House Republicans on Monday objected to new spending measures that congressional Democrats are considering as they draft a $150 billion economic stimulus package. House Speaker Nancy Pelosi met with Nobel prize winner Joseph Stiglitz and other economic experts Monday. In a letter to House Speaker Nancy Pelosi, Ohio Rep. John Boehner, the top Republican in the House, called the proposed spending "an irresponsible, business-as-usual approach that has earned this Congress the lowest approval ratings ever recorded." A Democratic leadership aide said the stimulus package Democrats were drafting would include "a heavy emphasis on help to state and...

House Democratic leaders on Monday announced a broad economic recovery package aimed at the middle class that they say needs to be enacted in the wake of the Wall Street rescue bill. House Speaker Nancy Pelosi (D-Calif.) led a meeting of almost a dozen top House Democrats and about as many economists on Monday morning. She said the group coalesced around a general economic recovery package aimed at aiding states, extending unemployment insurance benefits, investing in transportation and infrastructure, and perhaps providing a new round of tax rebate checks. Pelosi said the package would be hammered out after various committees...

Democrats call for massive econ stimulus plan By David Lawder 13 minutes ago The United States needs a new economic stimulus plan that pumps billions of dollars into infrastructure projects and budget relief for cash-strapped state and local governments, Democratic lawmakers said on Sunday. U.S. Rep. Barney Frank, chairman of the House Financial Services Committee, told ABC television he will put together an economic stimulus bill when Congress returns to Washington after the November 4 elections, while a key Republican said he would support an effort that "makes sense." Rep. Roy Blunt, the Missouri Republican who serves as House minority...

House Minority Whip Roy Blunt (R-Mo.) on Sunday indicated that he is open to working on a second stimulus package as long as it “makes sense.” “But let’s not use the stimulus package as an excuse to do what Democrats have wanted to do from day one of this Congress, which is a huge public works plan,” Blunt said on ABC’s “This Week with George Stephanopoulos.” House Financial Services Committee Chairman Barney Frank (D-Mass.) said Democrat would do a second stimulus that will “give the middle class and the average citizen the same kind of relief that we try to...

In recent events around the country, Mrs. Pelosi has warned members of the House they should be ready to return to Washington after the election. "We have some harsh decisions to make. Some of them can't wait until January," she said earlier this week in Denver. "What we can't wait for is a stimulus package." On Monday, Mrs. Pelosi will host an "economic forum" in her Capitol Hill office, bringing a group of economists together with the House Democratic leadership to discuss steps to strengthen the economy.

WASHINGTON (CNN) -- House Democratic leaders are putting together a second economic stimulus package that could cost as much as $150 billion, according to Democratic leadership aides. House Speaker Nancy Pelosi has said the economic crisis may warrant a $150 billion stimulus package. The aides said Democrats are likely to call Congress back shortly after the election to vote on the measure. The details are still in flux, but one aide said the price tag would be "somewhat north of $100 billion" and would include "a heavy emphasis on help to state and local governments." One way to help states...

WASHINGTON (CNN) -- House Democratic leaders are putting together a second economic stimulus package costing as much as $150 billion and are likely to call Congress back shortly after the election to vote on the measure, according to several Democratic leadership aides. More at link...

The Federal Reserve and Congress are pushing out close to $1 trillion to repair the nation's financial system and to encourage lending. But that is not enough to revive the economy. Spending has to resume. Consumers, however, have cut back sharply on their spending, in what will be the first quarterly decline in 17 years when the government tally is in for the third quarter. Business, in response, is shrinking its outlays for equipment, supplies, and personnel. And now dozens of state and city governments, their tax revenue falling short of expectations, are engaged in yet another round of cost-cutting....

House Speaker Nancy Pelosi called for a new $150 billion economic-stimulus package today and suggested Congress may need to act this year. "We have some harsh decisions to make. Some of them can't wait until January," she said in Colorado today after a tour of Denver Health Medical Center's pediatric emergency facilities. "What we can't wait for is a stimulus package," she said. "We may have to go back into session before the next Congress." Pelosi praised the Federal Reserve's decision this morning to lower a key interest rate but said more needs to be done quickly to reinvigorate the...

DENVER – House Speaker Nancy Pelosi says a second economic stimulus plan is needed now because of the faltering economy and she puts the price at $150 billion. The House did pass a $61 billion economic aid proposal last month before lawmakers left Capitol Hill ahead of the Nov. 4 election. But a similar plan failed to pass the Senate. Pelosi, D-Calif., says the economy is weakening and more help probably is needed. But President Bush has promised a veto.

As negotiations on a Wall Street bailout bill got back on track, the House passed a $61 billion economic stimulus bill Friday, that Democrats said was needed to help a struggling Main Street. Democrats won the support of 41 Republicans in passing the measure on a 264 – 158 vote. A number of Republicans, including GOP leaders, objected to the bill on the grounds that it was rushed through the House. Democrats sent the bill to the Rules Committee Thursday night and brought it to the floor Friday. But Democrats had been talking about the broad outlines of their stimulus...

Senate Republicans on Friday blocked a plan by Democrats to pump $56 billion in government spending into the economy through public works projects, help for the jobless and money for states struggling with their Medicaid bills. The 52-42 tally fell well short of the 60 votes needed to defeat a GOP filibuster. The White House promised a veto anyway, saying the measure would not work and would cost too much. The House was expected to have better luck with a companion $61 billion House plan later in the day.

$56 billion stimulus bill fails in Senate Fri Sep 26, 2008 1:31pm EDT By Andy Sullivan WASHINGTON (Reuters) - The Senate on Friday blocked a $56.2 billion economic stimulus package that would have extended unemployment benefits, increased food aid and funded new construction projects to create jobs. The 52-42 vote fell short of the 60 votes needed in the 100-member Senate for Democrats to clear a Republican procedural hurdle and move toward passage of the bill, which backers said would give the ailing U.S. economy a needed boost. The House of Representatives plans to consider a slightly different stimulus package...

WASHINGTON (Reuters) – The urgent need for the U.S. Congress to approve a Bush administration plan to rescue Wall Street has given Democrats renewed hope of enacting another economic stimulus package for Main Street, congressional aides said on Friday. For months, House of Representatives Speaker Nancy Pelosi and other leading Democrats in Congress have been pushing $50 billion in emergency spending they say would spur the flagging U.S. economy. Now, with Congress leaving town soon so that members can campaign for re-election on November 4, the likely passage of a Wall Street bailout requiring hundreds of billions of dollars could...

House plans vote on $50 bln to stimulate economy Mon Sep 15, 2008 1:11pm EDT WASHINGTON (Reuters) - The House of Representatives plans to debate legislation this month to inject another $50 billion of stimulus into the faltering U.S. economy, mostly with the goal of creating new jobs, a senior House Democratic aide said on Monday. Amid fears of wider economic damage from turmoil on Wall Street, the roughly $50 billion would aim to spark needed road, bridge and other construction projects that help create jobs, with details still being worked out, the aide said. The money also would be...

Democrats plan to turn the financial crisis on Wall Street into fresh calls for a new package of measures to stimulate the slumping economy. The worsening situation on Wall Street could put Republicans skeptical of greater government intervention in a tough position as the economy grows worse and Election Day draws close. The Dow Jones dropped 300 points when the markets opened on Monday. “Democrats intend to press forward with an economic recovery package that creates jobs and strengthens the middle class,” said Jim Manley, a spokesman for Senate Majority Leader Harry Reid (D-Nev.). The legislation likely will not impact...

" No one can remember the last time Congress enacted two major economic stimulus packages in one year. But 2008 may see a sequel to the $100 billion worth of checks that started filling individuals' bank accounts in early spring. Democrats say they will proceed this fall with a "Son of Stimulus." Whether it materializes is questionable; President Bush currently opposes such a move, preferring to wait to see the full effect of the first stimulus package. As for economists, some say it's a good idea, if done differently from Round 1, but many are skeptical that money can start...

Maybe...if you buy the sort of earrings the wife of a US Senator who makes a big salary because her husband got her boss a big, fat earmark would wear. Democratic presidential candidate Barack Obama’s wife, Michelle, complained the government’s $600 economic stimulus check was only enough to buy “a pair of earrings” while stumping for her husband. “You’re getting $600 - what can you do with that?” Mrs. Obama said in Pontiac, Michigan last week. “Not to be ungrateful or anything, but maybe it pays down a bill, but it doesn’t pay down every bill every month. The short-term...

Democrats See a Need for Further Economic StimulusWednesday July 16, 2:35 am ET By PETER S. GOODMAN and DAVID M. HERSZENHORN NYTimes.com Many economists have concluded that a second dose of government stimulus spending is required to prevent a broad economic unraveling and provide relief to millions of Americans grappling with joblessness, plunging home prices and tight credit. Democratic leaders in Congress have already begun fashioning a package of proposed measures, but on Tuesday, President Bush and the Federal Reserve chairman, Ben S. Bernanke, both pronounced such action premature. “Our economy has demonstrated remarkable resilience,” President Bush said at a...

Democratic presidential candidate Barack Obama’s wife, Michelle, complained the government’s $600 economic stimulus check was only enough to buy “a pair of earrings” while stumping for her husband. “You're getting $600 - what can you do with that?” Mrs. Obama said in Pontiac, Michigan last week. “Not to be ungrateful or anything, but maybe it pays down a bill, but it doesn't pay down every bill every month. The short-term quick fix kinda stuff sounds good, and it may even feel good that first month when you get that check, and then you go out and you buy a pair...

US retail sales in surprise climb Consumers spending is the biggest driver of the US economy. US retail sales climbed by the largest amount in six months during May after spending was helped by tax rebates. Sales rose by a better-than-expected 1% in May, the Commerce Department said, the largest rise since November. It also said April's figure had been revised up to a rise of 0.4% against the previous estimate of a 0.2% fall. Economists said the rise indicated that the economy had been given a boost by the stimulus package under which millions of Americans got tax...

The $48 billion in tax rebates sent out to American consumers this spring has helped keep the US economy out of a recession, but analysts believe the impact may only be temporary. The rebates, approved by Congress earlier this year, helped push May retail sales up at twice the expected rate. But consumers are still facing rising gas costs, falling home prices and the struggling job market, so the rise is probably short-term, says Mark Zandi, chief economist for Moody's Economy.com. "Come October, there are probably going to be weaker numbers," Zandi said. "People are spending the rebate checks very...

WASHINGTON (AP) - John McCain is suggesting he's open to another economic stimulus package, including an extension of unemployment benefits. He wouldn't give a number for the size of a stimulus package, but told a group of major contributors that whatever can be done in the short term to ease the burden is something we should do. Barack Obama has suggested a new stimulus package totaling $50 billion. The apparent common ground was a blip for Tuesday. The candidates spent most of the day picking apart each other's economic ideas. McCain criticized Obama for suggesting a re-negotiation of NAFTA, saying...

This is one seriously funny cartoon! If you're serious about keeping 100% of your stimulus money in America, then there are precious few places you can spend it to accomplish this. Check out this "Geeks on Caffeine" cartoon. You may not agree with how these "Economic Patriots" spend their money, but you can't argue they kept it in the U.S.! FUNNY!!!!!!

Purchasing a pistol with your stimulus package money is foolish if you consider that for the same money...

Just curious. What is everyone going to do with your new wealth you will be getting within the next couple of days?

It’s an election year, and partisan acrimony has escalated. Democrats and Republicans portray themselves as the nation’s saviors against all the programmatic atrocities of the other side. Can we find a refuge of common-sense agreement amid this self-serving political din? Well, here’s a proposal for the economy: Enact a temporary extension of unemployment insurance from the standard 26 weeks to 39 weeks. The proposal’s virtue is precisely its modesty. Benefits have been extended in every recession except one since the 1950s. Although most unemployed usually find new jobs within the normal six months, the task becomes harder in a slump....

Has anyone pondered the best way to spend your inbound stimulus package checks? "Geeks On Caffeine" shows us all why it's best to keep the money in the good 'ol U.S. of A.!

President Bush said tax rebates will start going out Monday, earlier than previously announced, and should help Americans cope with rising gasoline and food prices, as well as aid a slumping economy. Democrats said they were glad the rebate checks were about to go out, but suggested that multinational oil companies were not among the businesses the stimulus package was originally designed to help. "Starting Monday, the effects of the stimulus will begin to reach millions of households across our country," Bush said Friday in remarks on the South Lawn of the White House. Those first rebates will be directly...

In a ceremony in the Oval Office this morning, President Bush officially proclaimed April 25, 2008 to be Malaria Awareness Day (Transcript) America is a compassionate country that feeds the hungry and protects the vulnerable because we believe every human life has inherent dignity and matchless value. As the people of Africa continue their struggle against malaria, we offer our support and steadfast commitment. We call on all nations to join us in a great humanitarian effort. The president made a brief statement on the economy (Transcript) before boarding Marine One with First Lady Laura Bush for a day trip...

Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment....

Merchants struggling with the slowdown in spending are stepping up promotions to court consumers who are expecting a cash infusion from federal rebate checks. Retailers are already planning major sales and big advertising campaigns in the fierce fight for dollars - even though the government won't start mailing out the checks until May. For merchants worried about a bleak year, this is like Christmas in spring. Store owners have good reason to expect a shopping spree. People plan to spend 40.6 percent, or about $42.9 billion, of the $105.7 billion the government is distributing in tax rebates, according to a...

Borrowing to build universities will not help economy Byron Schlomach, Goldwater Institute Daily Email, April 17, 2008 Arizona’s public universities have proposed issuing $1.4 billion in bonds for a university building program. The universities have been asking the legislature for this money for a few years, but the construction downturn provides an opportunity to market it as a “Construction Stimulus Plan.” This plan is fundamentally flawed. First, any stimulating effect will come too late. Proponents of the program say it would “immediately create 14,438 jobs for construction workers.” But the spending would be done over several years, so most of...

President Bush proposed, and Congress quickly passed, an economic stimulus package in the form of tax “rebates” that could total $150 billion dollars back in the pockets of most Americans. The president and Congress agreed that as much as $600 would be returned to individual Americans, or $1,200 per couple, and even more to households with children. The reason given for the rebates is that it will give the economy a needed shot in the arm and likely avoid or lessen a recession. Does any of this sound vaguely familiar? The president’s proposal should forever end the debate whether or...

Gov. Arnold Schwarzenegger has jetted up and down California in recent weeks trumpeting his own stimulus plan for the state's ailing economy. He has promised to create at least 12,500 new jobs by releasing nearly $750 million from public works bonds voters approved in 2006 for transportation, housing and flood-control projects. "People need jobs," Schwarzenegger said at a news conference last month announcing one of the largest chunks of new spending, nearly $400 million for public transit projects. "We are going to create those jobs and pump this money as quickly as possible back into the economy." An Associated Press...

HARRISBURG -- With a section of a Pittsburgh bridge dropping 8 inches and an Interstate 95 support pillar cracking in Philadelphia, Gov. Ed Rendell is turning up the heat under the Legislature to provide infrastructure repair funds more quickly. Mr. Rendell sent a letter to all 253 legislators yesterday urging quick passage of a $240 million "supplemental debt authorization." His program of borrowing would enable state officials to fast-track repairs on some of the state's 6,000 bridges classified as structurally deficient, along with fixing ailing highways, repairing "state-owned, high-hazard dams" and beginning flood mitigation projects. Also yesterday, Mr. Rendell called...

According to many expert economists, the economy of the United States is headed toward a recession or definitely a major slowdown. However, many Americans, based on their current personal finances, would affirm that America does have a recession already. But, in an effort to help the economy, President Bush and Congress have approved a $168 billion dollar economic stimulus package to help to jump start the economy. As a result, America’s sluggish economy would hopefully begin an upward trend once again. Each individual taxpayer would get a $600 rebate check and each couple would get a $1200 rebate check. The...

In her highly contested bid to win the Democratic party nomination for president of the USA, Hillary Clinton has announced her support for a stimulus package to be initiated as soon as she takes office. Details of the plan have not been entirely released, although a preliminary outline has been discussed in focus groups. "I have listened to the people of America," Mrs. Clinton said, "and I have heard about your struggles and hardships, and I plan to do something about it." The general outline of the plan is for a stimulus package to be sent to most American households....

WASHINGTON, March 20, 2008 – Military personnel serving in combat zones are eligible for an economic stimulus payment, an Internal Revenue Service spokesman said today during an “America Supports You Live” interview on BlogTalkRadio.com. While combat pay generally is nontaxable, servicemembers are permitted to count this pay on their 2007 or 2008 income tax returns if it helps their eligibility, Clay Sanford explained. “A military person who would not normally file a 2007 tax return because the 2007 income is not taxable, can file a 1040A with the IRS and receive the stimulus payment,” he said. Servicemembers should report...

Stimulus payment mailing schedule based on Social Security numbers The exact date you receive a stimulus check will depend largely on the last two digits of your Social Security number. More than 130 million stimulus payments will be sent out starting May 2, on a staggered schedule based on the last two digits of taxpayers' Social Security numbers, the Internal Revenue Service said Monday. On jointly filed returns, the mailing schedule will be based on the first Social Security number listed, the IRS said. For taxpayers who file by April 15 and get their tax refund deposited directly into a...

IR-2008-44, March 17, 2008 WASHINGTON — The Internal Revenue Service announced today that it will begin sending more than 130 million economic stimulus payments starting May 2. The initial round of weekly payments will be completed by early July. The IRS also announced the availability of a new online calculator on IRS.gov to help people determine the amount of their stimulus payments. Stimulus payments will be made by direct deposit to people who choose to receive their 2007 income tax refunds through direct deposit. All others will receive their economic stimulus payments in the form of a paper check. “To...

Efforts by the Federal Reserve to restore order to financial markets are about to enter a new and potentially dangerous phase. The Fed is expected to cut US interest rates by 75 basis points to 2.25 per cent, following its recent, more aggressive policy moves to improve liquidity conditions. There re-mains a clear possibility that interest rates will only be reduced by 50 basis points as policymakers attempt to evaluate the impact of their earlier efforts to restore confidence to financial markets. Joachim Fels of Morgan Stanley says the Fed is about to enter a new phase in the easing...

I played with this site using married filing jointly, form 1040 and using incomes of $2000, $3000, $35000, $74000 and 124000. The results varied from 0 (at $2000) to $300 or $600. Must one have children to receive the $1200 promised in the IRS TV ads?

Tuesday's powerful market rally underscored the relief felt after the Fed unveiled its new $200 billion Term Securities Lending Facility. The name may sound ungainly, but it will let the central bank make short-term loans to those who need it most — lenders with lots of impaired mortgage-backed securities on their balance sheets, a result of the housing market's yearlong collapse. Those impaired securities have made it, at times, impossible for banks to get funds on the open market. Who would make a loan to a bank with an unknown amount of damaged collateral on its books? That's why this...

Congresswoman Ginny Brown-Waite may do a good job representing constituents on policy matters, but she does a lousy job minimizing the damage caused by putting her foot in her mouth. The Hernando County Republican recently offended Puerto Ricans when explaining her reluctant support for President Bush's economic stimulus package. "The bill," Brown-Waite said, "sends hundreds of millions of dollars to people who do not pay federal income taxes, including residents of Puerto Rico and territories like Guam. I do not believe American taxpayer funds should be sent to foreign citizens who do not pay taxes." Brown-Waite needs to brush up...

WASHINGTON — President Bush dismissed concerns Thursday that the economy is headed into a recession and remained confident that an economic stimulus package will help the nation amid a lingering mortgage and credit crunch. "I don't think we're headed to recession, but no question, we're in a slowdown," Bush told reporters at a White House press conference. Some economists say the country is nearing a recession, but Bush expressed his support for the economic stimulus package that Congress recently passed and he signed into law last month. "We've acted robustly," he said. The package will deliver rebates ranging from $300...

Why are Republicans in Congress trying to help Barack Obama? Republicans allowed a bill that carries his name to pass the Senate Foreign Relations Committee by voice vote without any hearings, which means there was no roll-call vote so we can't hold any member accountable. The Obama bill passed out of Committee with the cooperation of the ranking Republican, Sen. Richard Lugar, who never saw a U.N. enhancement bill he didn't like. Obama's costly, dangerous, and altogether bad bill is called the Global Poverty Act. It would commit U.S. taxpayers to spend .7 percent of our Gross Domestic Product on...

WASHINGTON (Reuters) - U.S. President George W. Bush believes it is too early to decide whether a second economic stimulus package is needed to ward off a recession but would not rule it out, governors who met with him said on Monday. After a $152 billion package was signed into law earlier this month, U.S. governors during a White House meeting pressed Bush to back another stimulus plan that would include funding for roads, bridges and other infrastructure projects. They argued that such a program would address unemployment and put the economy on a more sustainable path of growth. "We...

The federal government came back from the drawing board yesterday after trying to find new solutions to the looming economic recession. The government is now proposing a new stimulus package in which America will print enough new money to give $1,000 to every citizen. This should increase consumer spending which will help the current economic climate much like the economic improvements from increased government spending. Although, this new stimulus plan will solve the capital availability problem and portions of the economic slowdown, there is still much more that needs to be done to improve the economy. The federal government is...

WASHINGTON - President Bush on Wednesday signed a multibillion-dollar economic rescue package on Wednesday that means $300 to $1,200 rebates for many American households. Bush called the measure "a booster shot for our economy" to stave off a recession. Several dozen members of Congress, including House Speaker Nancy Pelosi, stood on the stage behind Bush as he signed the bill. Rebates are to go out beginning in May to taxpayers and low-income people, including seniors living off of Social Security and veterans who depend on disability checks. Businesses would get tax breaks for investing in new plants and equipment. Most...