Posted on 01/15/2009 5:24:27 PM PST by 2ndDivisionVet
The $825 billion economic stimulus package rolled out by Democrats on Thursday might not be enough to prevent an economic catastrophe, according to the chief architect of the package.
House Appropriations Committee Chairman David Obey (D-Wis.) also told reporters it may not be the last effort to use big government spending to spur the economy.
This represents the largest effort by any legislative body in the world to take government action to prevent economic catastrophe, Obey said, and even that may be insufficient alone.
Later in his briefing, he added, This product may undershoot the mark.
The bill could be voted on in committee next Wednesday. Thats the day after the inauguration of President-elect Obama or, as Obey put it, the day after the crown prince is sworn in.
Hes hoping to get the bill to the floor by Jan. 28 in order to pass it by Feb. 13.
Among Democrats, liberals said they believe the massive package has enough for all different constituencies to win passage. Conservative Democrats, while alarmed at the spending, dont want to pick a fight with Obama immediately after he takes office and are looking for ways to support the bill.
But key Republicans are protesting sharply.
Oh my God, House Minority Leader John Boehner (R-Ohio) said of the Democratic proposal.
Boehner read portions of the Democratic draft and said he was shocked by what he saw.
I just can't tell you how shocked I am at what we're seeing, that theyre moving on this path of the flawed notion that we can borrow and spend our way back to prosperity, Boehner told reporters shortly after he reviewed drafts of the proposal.
The package, staggering in size, fails to meet the hopes of some members that it would rise over $1 trillion. Still, it has many times the spending that most Democrats were contemplating after Obamas election.
It has $550 billion in spending on items like assistance for local government, public-works projects and green energy.
It also has $275 billion in tax cuts, $25 billion less than Obama had sought and a smaller part of the package than the 40 percent Obama had proposed.
It also leaves out the patch to prevent the Alternative Minimum Tax (AMT), designed to ensure the very rich pay taxes, from hitting the middle class. Some hoped to cover the $70 billion tab in the stimulus, where it wont be offset with spending cuts or tax hikes.
But House Ways and Means Committee Chairman Charles Rangel (D-N.Y.) said he expects the Senate to put the AMT patch back in. I know they will, Rangel said.
House Democrats also included spending proposals that Obama hadnt asked for, such as $30 billion to subsidize the so-called COBRA payments that people pay to keep health insurance after losing their jobs.
That idea came from me based on personal experiences, Obey said. I felt there was a hole in our hearts if we werent taking care of that problem.
The package would funnel tens of billions of dollars to state governments, including $87 billion for a temporary increase in the federal match for Medicaid. It also includes $90 billion for roads, bridges and other infrastructure works and $43 billion for increased unemployment benefits.
Its about modernizing our roads, bridges, et cetera, education for the 21st century, tax cuts that make work pay and create jobs and lower as initiatives to lower healthcare costs and help workers who are hurt in this economy, and protect our vital services, said House Speaker Nancy Pelosi (D-Calif.).
Thanks, I had forgotten that clip. ;-)
What do you mean I broke, I still haver checks left!
Sniper63
Oh.
My.
God.
They're actually admitting it.
That brings up an interesting point. Maybe zero will make it law for all checks to be honored by banks even if the check writer doesn't have any money in them. Who knows. Crazier things have been put on the table to deal with this. Just be leery when "The One" tells you that you must have the "mark of the beast" on your forehead or your hand in order to buy or sell. Then, is when it finally comes out.
Shut up, that's why.
It's not about letting those who earn keep. It's about letting those who don't earn have.
If the government insists on using the word "consumers" instead of "citizens", then I insist they start using a counter-balancing term for the other half of the "consumer" population:
Producers.
All producers are consumers. Not all consumers are producers. Most producers in America produce *far* more than they consume. That's called "profit". These people are about to be punished for the sin of being net producers for the sake of giving toys to the net consumers, otherwise known on the human value scale as the "losers".
And their fraudulent King is going to be crowned in 5 days.
Welcome to Deathocracy.
Excellent point.
I must have the mark of the beast will be the last thing I will ever hear, because whoever makes this comment to me will cease to exist by my bare hands before the words finish exiting their mouth. So help me God.
Sniper63
One needs only look at the size of our deficit and the state of our economy to realize that government spending will not end our economic crisis yet Obama proposes we spend an additional one trillion dollars. Any reading of history will clearly show the lunacy of that notion.
ROTFL! (sob) ROTFL! (sob) ROTFL! (sob)
Product? What "product"? This is nothing but robbery, and enslavement of the populace to work and pay for this money, not "product" democrats are handing out to themselves. It would cost us NOTHING to allow those worthless blood sucking companies to go bankrupt and have their assets devided up among those they owe money to. American people will survive and find a way to make a living, without being enslaved to pay off a debt they never made.
Dream on. The government will just make it illegal for you to own gold, just like they did during the last depression. You will be forced to turn it in for treasury bills. Or you can hide it. Either way it will do you no good.
No, they know we earn it..they steal it!!!
Come on folks time to stand and scream, they are lying to us
to rob our children and us of our hard and honest work.
We need to cover Washington with Banners, Obamma, stop the lies! Stop robbing us!! No bailouts!!
I wish Fred seriously wanted the presidency instead of thinking it was an interesting idea to run for a little while.
Criticizing is one thing, conservatives need to have their ideas of what to do documented and expressed on a day by day basis.
LOL! That is too good.
The gold standard was dropped long before 1972. April 25, 1933 in fact.
Obey has never done anything productive in his entire life. Career politician since 1963.
Yet he considers the bills he and his hooligans crank out to be product.
Disgusting.
None of the Congressional bailouts have worked so far to cure a problem THEY created. Whatinell makes Rep. Obey think this one will be any different?
What an opportunity, 825 Bil out and still with their door stuff in the closing door. Do you get the feel that anything might not be enough, for them. I’ve already had enough.
Why don’t they just cut a check of say, oh, how about 10 million to each of us out here in the hinterlands? That might do the trick! Plasmas for Everyone!
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