Posted on 08/02/2010 4:26:32 PM PDT by NormsRevenge
WASHINGTON (Reuters) – The Senate on Monday killed a plan to send $26.1 billion dollars to states due to deficit concerns, marking a setback for those counting on federal help with budget gaps.
The plan would have been paid for by closing tax loopholes enjoyed by big multinational companies.
The U.S. Senate will likely consider a revised version in coming days.
The plan, which would have provided states with $16.1 billion through June for Medicaid and also give them $10 billion to avert teacher layoffs, went down in defeat because it would have added $5 billion to the deficit.
Senate Majority Leader Harry Reid said that when he introduced the legislation he had anticipated it would be deficit neutral. Upon learning it would put the country deeper into debt he began drafting a new version, he told the Senate.
"That amendment will fund hundreds of thousands of jobs and will be fully paid for according to CBO," he said.
The Congressional Budget Office estimates the costs of legislation.
State budget deficits could total more than $120 billion this fiscal year. Pennsylvania State Senate Majority Leader Dominic Pileggi told reporters a vote on the new legislation could happen as early as Wednesday, and that his state would put off implementing its budget contingency plan.
(Excerpt) Read more at news.yahoo.com ...
This is like bailing out states that ya pulled the rug out from under and then blaming others for your own screw-ups.
So you have a Big Gubamint that includes party elements that screwed up the financial and housing markets to fatten their own larders and their donors, who refuse to enforce immigration law thus adding costs to cover illegals at the state and local level, ..
and then, what do you do? Re-Elect all of them.
Go figure.
If WE don’t break this cycle now.. then there will be little hope for things to get better or change.
November, the ballots cast across this country will either change the direction of this nation in an attempt to save it from its incompetent voters and politicians or guarantee its ultimate destruction ..
I wish I could say the GoP gets ‘it’.. but..
Support your local candidates directly.
Just money to bail out the state/union retirement slush funds.
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