Posted on 01/11/2008 7:09:48 AM PST by jdm
NEW YORK (Reuters) - Democratic presidential contender Hillary Clinton on Friday will propose a $70 billion emergency spending package and possibly another $40 billion tax rebate to counter what she sees as a coming recession, according to the New York Times.
"I have been looking at the latest unemployment numbers, and I really think it is imperative that we start to move to help people dealing with the housing market and give the country a jolt of confidence in the economy," the senator from New York told the Times.
Clinton's plan would provide $30 billion for an emergency housing crisis fund for states to help low-income families unable to make mortgage payments; $25 billion to help low-income families pay heating bills this winter; $10 billion to extend unemployment insurance for people unable to find jobs; and $5 billion for alternative energy programs, the Times said.
The $40 billion tax rebate would be enacted later if economic conditions worsen.
The plan was the first specific stimulus package to be proposed by a presidential candidate from either party, the Times said.
Clinton's campaign had announced she would lay out her plans for jump-starting the U.S. economy in California on Friday at 2:15 p.m. EST.
Clinton told the newspaper she "absolutely" believed it was possible for Democrats in Congress to work with U.S. President George W. Bush to enact a stimulus package early this year. The U.S. presidential election does not come until November and the new president would take over a year from now.
But Bush has said any stimulus he is considering would most likely focus on tax cuts rather than spending, the Times said.
Clinton's emergency spending plan would add to the federal budget deficit and not be offset by tax increases or budget cuts, her campaign told the Times.
A weakening U.S. job market and manufacturing sector downturn last month has raised concerns the economy was near or perhaps already in recession, but U.S. Federal Reserve Chairman Ben Bernanke said on Thursday the Fed saw continued, but slow, growth.
Unemployment rose to 5 percent in data released last Friday.
Typical communist ... bigger government is the solution to all problems.
Note to the nation: Wanna see what ‘Rats and RINOS can do for you? Check out Upstate NY’s economy. The ‘Rats and RINOs are doing such a great job that we may lose a couple of House seats next time around. Three guesses why Spitzer wanted to give driver’s licenses to illegals....
Alexis de Tocqueville
Who needs al Qaeda?
How convenient....a media-trumped up recession and Hillary our savior here to rescue us. BARF!
It would be far simpler to just suggest that each American go out and get a cash advance of $1000 on their credit card.
The economic effect would be identical as when the government borrows it on our behalf, except government gets to borrow in the name of everyone, gets to force some people to repay more than others and gets to dole out the money to maximize its own power.
This is all a Keynesian folly. We can borrow all we want because we are borrowing from ourselves! And we trust ourselves to repay us, don’t we? So silly and So Wrong.
you can defer the inevitable but the inevitable is the inevitable...................
Democrats think dropping money out of a helicopter is an “economic stimulus”.
The true economic stimulus includes making capital investment more inviting by punishing success less.
I can see a Democrat “meeting us halfway” on this by making capital investment more inviting by subsidizing failed investments. /sarc
I fail to see how that would do much to stimulate the economy. Tax rebates are among the least-effective stimulants because they are retroactive and so they don’t change incentives and future behavior the way tax cuts do.
Maybe she is going to go to Wall Street and get it back from the companies who gave out almost that in “Bonuses” in December.
Hold on to your wallets, ladies and gentlemen.
Surely she could use her innate knowledge about cattle futures trading to make enough money to stimulate the economy by next week.
When Bildo had 5% unemployment numbers he was hailed as an economic genius.
When President Bush has 5%(after being under 5% for a very long time), all of a sudden, it’s time for a stimulus package.
In all seriousness, I expect something like this from the current occupant within two months.
$70 billion in spending? That’s piddly compared to what Bush spent in the last year alone.
Notice that she proposes spending, and “maybe” a tax rebate.
more keynesian nonsense. Hillary why not go away and try to create a real job
Exactly...Hillary obviously doesn’t know squat about anything concerning economics...she is an idiot..why not just call this what it is...WELFARE INCREASE.....stupid democrats
What’s her total spending up to now? I remember seeing somewhere, someone was keeping a tally of all her plans.
Bernanke beat her to it...he’s flooded the market already 150 B and counting...the pols have no clue what is happening to the markets...
She is trying to create new housing and energy entitlements. The rats have lots of plans to increase government spending by providing the right to some level of economic prosperity. Welcome to the new welfare state!
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