Clinton to propose $70 billion stimulus

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.

What’s frightening isn’t that she would propose to increase taxes on producers and give it to “the poor”, but that there are enough stupid, lazy and useless people in this country, standing there with their hands out - to elect this bitch..There are probably enough people who have swallowed the class envy line for so long, they really feel the govt owes it to them.. Rich people don’t have problems paying their mortgages, so why should I. No we are starting to bail out people who live irresponsibly at the expense of the rest of us - who do live within our means.

Of course some people were misled by some mortgage companies and that can be addressed, but not by taking my money to pay for someone else’s mortgage, just because they make less than a certain amount.

And of course she’s beating Bush to his give-a-way, that also. But over the last 50 years this country has been sold on the govt obligation is to take care of everyone’s needs. They really believe this dangerous premise And there will be no rebate from any democrat, ever. So it's taking 70 billion out of people's pockets and will only hasten any recession that may come.

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