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Rebate checks now in limbo
Associated Press ^ | 02/07/2008 | JULIE HIRSCHFELD DAVIS and ANDREW TAYLOR

Posted on 02/06/2008 10:19:09 PM PST by 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.

(Excerpt) Read more at connpost.com ...


TOPICS: Front Page News; Government; Politics/Elections; US: California; US: New York
KEYWORDS: 110th; buyingvotes; democratparty; democrats; handout; howtostealanelection; keynes; republicans; senate; stimulus; walkingaroundmoney; washington
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To: 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)



41 posted on 02/06/2008 11:36:27 PM PST by raygun (24.14% of the Voting Age Population elected Slick (The Cigar) Willey to a second term.)
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To: Chuck54

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


42 posted on 02/06/2008 11:40:53 PM PST by My Favorite Headache (Our memories remind us, Maybe road life's not so bad...)
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To: NRA2BFree

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. ;>)


43 posted on 02/06/2008 11:45:03 PM PST by Gator113 (McCain has voted against his country's interests, it's time to vote against his.)
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To: george76
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.

44 posted on 02/07/2008 12:28:35 AM PST by PizzaDriver (an heinleinian/libertarian)
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To: 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.

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.
45 posted on 02/07/2008 12:34:46 AM PST by AnotherUnixGeek
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To: flying Elvis

“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.


46 posted on 02/07/2008 12:53:42 AM PST by ByDesign
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To: george76
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?

47 posted on 02/07/2008 1:15:50 AM PST by chuckles
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To: george76

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


48 posted on 02/07/2008 1:17:33 AM PST by Recovering_Democrat ((I am SO glad to no longer be associated with the party of Dependence on Government!))
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To: umgud
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?

49 posted on 02/07/2008 3:13:37 AM PST by raybbr (You think it's bad now - wait till the anchor babies start to vote!)
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To: Hardastarboard

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”.


50 posted on 02/07/2008 3:54:36 AM PST by anoldafvet (To liberals, building a wall across the Mexican border is a violation of the Voting Rights Act.)
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To: george76

Political theater. They’ve already said that if they can’t pork it up quickly, they’ll just pass the House version.


51 posted on 02/07/2008 4:08:38 AM PST by jiggyboy (Ten per cent of poll respondents are either lying or insane)
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To: raybbr
How does a rebate of money I paid in "cost" you?

I said others, not all others or everybody. These so called rebates will also be going to folks who pay no taxes and in many cases these same folks get EIC dollars.

52 posted on 02/07/2008 6:06:33 AM PST by umgud
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To: ican'tbelieveit

You are correct. But that $3000 figure applies to “earned” income. So I guess they want to help & encourage people who work.
In fact if you have all unearned income (interest, dividends etc) there will be no rebate check regardless of taxes paid.


53 posted on 02/07/2008 6:26:43 AM PST by ajay_kumar (United we win, divided democrats win. How difficult is that to understand?)
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To: umgud
Too bad. I was counting on your paying off the rider lawn mower for us.

Carolyn

54 posted on 02/07/2008 6:28:54 AM PST by CDHart ("It's too late to work within the system and too early to shoot the b@#$%^&s."--Claire Wolfe)
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To: Myrddin
I neglected to make it clear that the $3000 minimum applies to EARNED INCOME.
So the thinking seems to be to encourage & help working people even at the small end of income.
55 posted on 02/07/2008 6:30:21 AM PST by ajay_kumar (United we win, divided democrats win. How difficult is that to understand?)
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To: george76; Doctor Raoul; dirtboy
A less biased article would have pointed out that the Democratic Senate leadership *agreed* with President Bush and the House Dem/GOP leadership on the stimulus package...

...and now Senate Dems are trying to back out of their deal by tacking on additional spending.

This is a colossal failure of Senate leadership; something not shared by the House. The Senate leadership couldn’t keep their rank and file in line with the agreed deal. In contrast, the House voted 385 to 35 to pass the agreed-upon deal.

Instead, the article talks about political advantage and the GOP putting rebate checks in limbo.

That’s enormous bias in this article.

Senate Dems are breaking their deal, yet not one word about that failure of Senate leadership is mentioned...

56 posted on 02/07/2008 7:50:53 AM PST by Southack (Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
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To: george76

Welfare checks in limbo? Awwwwww . . . too bad. /sarc


57 posted on 02/07/2008 8:06:05 AM PST by Texas Federalist (Fred Thompson 08)
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To: Chuck54

The sad thing is that we are at a point where we say these 8 were following the dems into oblivion, but all they were doing were adding 44 billion to an already agreed-to 150 billion dollar plan.

A lot of republicans will vote for THAT plan, and the president will sign it. Heck, if the senate DID add the 44 billion, and the house agreed to it, the president probably would have signed it.


58 posted on 02/07/2008 8:07:05 AM PST by CharlesWayneCT
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To: george76

So much for my AR-15 paid for by other people. Guess I gotta pay for it myself.


59 posted on 02/07/2008 8:10:19 AM PST by Domandred (McCain's 'R' is a typo that has never been corrected)
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To: raygun

Correct me if I am wrong but almost all of that debt is short term debt retiring in 08.

When the Clinton administration was in charge they moved most of the national debt to short term to make things look good. Long term debt creates stability, short term chaos.

We are locked into short term debt and chaos. What are the implications of that for the future?


60 posted on 02/07/2008 8:12:55 AM PST by PeterPrinciple ( Seeking the truth here folks.)
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