Posted on 01/19/2009 4:25:04 PM PST by NormsRevenge
Liberal Democrats in the House are lobbying hard to put President-elect Obama’s economic stimulus bill over the trillion-dollar mark.
“Some of us are saying we need a stimulus of 1.2 or 1.3 or 1.4 trillion to prevent a depression, rather than just slow our descent into a depression,” said Rep. Jerrold Nadler (D-N.Y.).
The Congressional Progressive Caucus is circulating a letter to Obama among its members, asking for a meeting with him to talk about dramatically expanding the bill. The caucus is also seeking signatures from members of the Congressional Hispanic Caucus, the Asian-Pacific Islander Caucus and the Congressional Black Caucus.
But Republicans are balking at the cost of the stimulus as it is, blasting what they see as the government spending the country out of a recession. And Democratic leaders are resisting the calls to make it bigger.
“We face a steep hill to climb after eight years of Bush economic policies that have given us a huge deficit and millions of job losses,” said a Democratic leadership aide. “So any economic recovery package must be large enough to spur immediate and long-lasting job growth and to help the economy grow again, but any plan must also take into account the reality of the fiscal crisis.”
Nadler and his fellow liberals aren’t the only Democrats who think the bill might not be big enough. House Appropriations Chairman David Obey (D-Wis.) said when he rolled out the $825 billion plan that it “may undershoot the mark” and suggested Congress may have to spend more money to stimulate the economy.
But Obey appeared to be talking about another bill at a later date. Nadler doesn’t think that will work.
“People are saying you can do it later. But if this doesn’t fix it, Republicans will say you threw all this money at it and it didn’t work,” Nadler said. “It’s all or nothing. We have to get it right the first time.” Committees are expected to revise and vote on the bill Wednesday. Obey hopes to get the bill to the floor by Jan. 28 and pass it by Feb. 13.
As it stands, the package 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. Still, the tax cut portion is larger than liberals would like.
Because Conservatives originally opposed Bush. It took the RINO McCain suspending his Presidential Campaign and flying back to DC to get that Crap Sandwich passed. Also they threatened martial law and a great depression if they did not get their way. Looks like we will now end up with Crap Sandwiches for Everyone, Martial Law and a Depression.
I'm actually hoping that people will lose faith in the USA repaying debt, since that is the only thing that will stop Pelosi's looters from handing out more billions to their big donors. Not only that, but I'm hoping we the people will refuse to pay the illegitimate debts from this fiasco. Those dumb enough to loan the USA money for illegal redistribution of wealth should try to collect the debt from the companies that are getting the loot, not from me. [I know it's just a dream, but at least it's a pleasant dream.]
If nobody’s buying anything, and everyone’s out of work, but the government prints money like it’s going out of style will we have defalation or inflation, or will the two forces balance themselves out?
When they destroyh the economy they will blame capitalism and their media will trumpet that lie.
You cannot keep borrowing as a government any more than with personal finances. The debt becomes unsustainable, foreigners won't buy it, tax revenues will not be able to cover it, raising taxes will not supply the needed funds and the US dollar will tank. Printing money will not solve it but will only destroy the currency.
And they will not be able to say its is Bush's fault so as to make anyone believe them
Check the British press today to see what is happening to them because RBS and other big banks have bankrupted the country. The West is dying. Al Quaida wasted its time using jets. They should have just waited. We have destroyed ourselves from within through debt.
As the USA sinks into shabby second world life, nobody will be able to stop Islam from expanding its influence and culture.
So.... let's just turn on the tube and celebrate the coming of the new Messiah!
Britain and the USA are becoming shabby second world has beens as China and India emerge as solvent global players. Expect migration of talent and money (what's left of it) from the USA to these new players.
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