Senate Passes Recession Relief Bill

AP ^ | CURT ANDERSON

[fm1]

WASHINGTON (AP) - The Senate passed and sent to

President Bush Friday a recession relief package extending jobless benefits and providing billions of dollars in business tax cuts. Bush called it "a very good bill" even though it is far less than he wanted.

The final vote for approval was 85-9 and came a day after the bill cleared the House by 417-3. The swift action followed months of partisan gridlock that saw three previous House-passed versions blocked in the Senate.

"The unemployed and struggling businesses have had to wait too long for the good news," said Sen. Charles Grassley of Iowa, ranking Republican on the Senate Finance Committee.

Bush did not get several major elements he wanted, including accelerated income tax cuts, a new round of rebate checks, repeal of the corporate alternative minimum tax or a tax credit to help the jobless buy health insurance. But the president said he was eager to sign it into law.

"We've had too much nonmovement on this important issue, and it's time to go," Bush said Thursday.

The bill, said Senate Majority Leader Tom Daschle, is "very similar to what we have introduced and supported and voted for and advocated."

The Senate vote came a day after Federal Reserve Chairman Alan Greenspan presented a more upbeat economic forecast than he had a week earlier. Given the size of the U.S. economy, Greenspan told the Senate Banking Committee, the relatively modest stimulus package would have little impact on recession recovery.

"I doubt very much that the economy, if it didn't get a stimulus, would sag," Greenspan said.

The Senate Budget Committee chairman, Sen. Kent Conrad, D-N.D., said those comments illustrate how difficult it is for Congress to act on recession relief.

"Every single time we've tried to do it, we've moved too late," he said.

Others complained that some of the business tax cuts would cost states $14.6 billion over the next three years, because many states base their corporate tax structures on the federal system.

"It will no doubt be hurtful to the states," said Sen. Jay Rockefeller, D-W.Va.

[joeyman]

Others complained that some of the business tax cuts would cost states $14.6 billion over the next three years, because many states base their corporate tax structures on the federal system.

If that is true, why can't the states change their tax laws to negate that fact? Hmmmmmm?

[upchuck]

Others complained that some of the business tax cuts would cost states $14.6 billion over the next three years, because many states base their corporate tax structures on the federal system.

"It will no doubt be hurtful to the states," said Sen. Jay Rockefeller, D-W.Va.

I feel yer pain, Jay. On the other hand, smaller government typically means a more efficient government.

[OldFriend]

Mr. President, sir, it's too much OBSTRUCTION

[OldFriend]

How come it didn't say, millionaire Jay Rockefeller?

[liberalism=failure]

There never was a recession (we only had one quarter of negative growth) and even if there was, it's over. But hey, that's fine, this way Bush can take credit for the "recovery"

Too bad for Duschnozzle and the demoRats, they've got no issue to run on. Boo hoo

[babble-on]

What awful policy though, to pass a welfare and corporate welfare bill just at the moment when it becomes perfectly clear that it isn't needed. This just brings the rate hikes forward. should call it the "interest rate hike acceleration bill".

[Republican Wildcat]

I see that Daschle finally decided to let something through...after the economic downturn ended on its own.

[Destructor]

""The unemployed and struggling businesses have had to wait too long for the good news," said Sen. Charles Grassley of Iowa, ranking Republican on the Senate Finance Committee."

Because the Dimocrats would rather have an issue to take into the elections, than solve a problem! Dimocrats don't care about the umemployed, or struggling businesses.

[Alas]

Roll call, post the roll call, let's see how our senatcritters voted.

[gonewt]

Does anyone know what's specifically IN this bill?...

[fm1]

Roll Call

                              YEAS --- 85
  Akaka                   Ensign                  McConnell
  Allard                  Feinstein               Murkowski
  Allen                   Fitzgerald              Murray
  Baucus                  Frist                   Nelson (FL)
  Bayh                    Graham                  Nelson (NE)
  Bennett                 Gramm                   Nickles
  Biden                   Grassley                Reed
  Bingaman                Gregg                   Reid
  Bond                    Hagel                   Roberts
  Boxer                   Harkin                  Santorum
  Brownback               Hatch                   Sarbanes
  Bunning                 Helms                   Schumer
  Burns                   Hollings                Sessions
  Campbell                Hutchinson              Shelby
  Cantwell                Hutchison               Smith (NH)
  Carnahan                Inhofe                  Smith (OR)
  Cleland                 Jeffords                Snowe
  Clinton                 Johnson                 Specter
  Cochran                 Kerry                   Stabenow
  Collins                 Kohl                    Stevens
  Corzine                 Kyl                     Thomas
  Craig                   Landrieu                Thompson
  Crapo                   Leahy                   Thurmond
  Daschle                 Lieberman               Torricelli
  DeWine                  Lincoln                 Voinovich
  Domenici                Lott                    Warner
  Dorgan                  Lugar                   Wellstone
  Durbin                  McCain                  Wyden
  Edwards

                               NAYS --- 9
  Byrd                    Conrad                  Feingold
  Carper                  Dayton                  Levin
  Chafee                  Dodd                    Rockefeller

                            NOT VOTING --- 6
  Breaux                  Inouye                  Mikulski
  Enzi                    Kennedy                 Miller

[Wphile]

Extension of unemployment benefits by 13 weeks and a 3 year 30% write off on capital investment. This must be in addition to the current allowance of approximately $25,000 which can be directly expensed.

I hate to say this but this is what Daschle had proposed in January. I guess Bush can call it a victory for him because most won't know better but personally, I'd say Daschle won this one. It's what he wanted and now he can't be labeled an obstructionist. Oh well, it's probably neither here nor there.

[Alas]

Thanks, I'm always interested in seeing how conservative Maines two letist Republicans can become when one of them is within a year of election.

Remember snowe and collins just a couple of years back, voting like kennedy clones. If only senators came up for reelection every six months.

Thanks,
Nukem

[babble-on]

I think you are basically correct. Between the steel pandering and this absolute boondoggle its business as usual in the beltway. If they want to cut taxes,they should cut taxes (and spending). These giveaways to a select few corporations are atrocious.

[Wphile]

Or least every 4 years. The 6 year term is devastating. It's what gives all the Senators their false sense of importance.

[Texbob]

It is NOT a recession relief bill, it is a Beady Eyed Dascle give money away for votes extending unemployment payments. Beady Eyed whips the GOP again. I am beginning to believe he has taken more power than the President and the combined GOP Senate. By electing such spineless people, we deserve what we are getting.

[mattdono]

Chafee

What that is a surprise! < /sarcasm>

F'in'-no-good-RINO!

[JohnGalt]

The 17th Amendment destroyed our system of government.

[Recovering_Democrat]

THE 'HOLE
loses
AGAIN!

Bush, despite having to water down the bill, still has the political notch under his belt, and the RNC gets to run commercials over and over saying

"Tom Dash-hole and the 'rats
blocked Unemployment relief THREE TIMES after September 11!"

Perfection. I love it.