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.

[My2Cents]

It's election year. The economy is already in recovery. With the passage of the bill, Democrats can take credit for aforementioned recovery.

[CPT Clay]

Is the extension of unemployment benifits only for 2002?

[Wphile]

Yes, I believe so.

[Wphile]

That was at the Judiciary Committee meeting. Hatch is disgusted with the "lynching" or "borking" the Dems have done with Pickering. It was pretty funny to watch.

[teletech]

I see this as a total cave in to the RATS! I will believe our economy is recovering when the layoffs stop. This bill has EVERYTHING Dashole wanted and NOTHING that President Bush wanted. My conclusion is the RATS won AGAIN!

[CPT Clay]

Chill

[Texbob]

This was not a recession relief bill, it was a Beady Eyed Daschle bill, tax money for votes extending unemployment payments. It appears to me Beady eyed Daschle is the boss of the Senate republicans and President Bush via self appointment and strong arm tactics. Bush nor the GOP Senators have enough spine to face up to these tactics and therefore forfeit their power. They have proved they cannot rule when they are the Majority, and they do have a possible majority in the Senate if the Whitehouse would use its veto power, but he shrinks in fear of Beady eyed Daschle.

[rockfish59]

thanks d'@$$hole, i really could have used another $300!
us low income people do need new mufflers now & again!

[rwfromkansas]

Taxes cut alone would just be fine with me....but, I am not up in arms about unemployment being extended. I really don't give a care frankly and as long as Bush is able to get the credit, yippee....:)

[rwfromkansas]

nonsense.....the president gets the credit in the public eyes on the economy, not the congress.

[rwfromkansas]

you mean to tell me Daschle wanted tax cuts?

[rwfromkansas]

And while I could care less about this bill in any case, I do hope that Bush signs it and says "I do hope that Congress will send me a bill for more tax cuts for the working man. We need to give them more of their money back if we expect the economy to soar ASAP."

[My2Cents]

I know that; you know that; the President knows that. But the Dems in Congress are desparate for an issue. They now know that they cannot beat the drum about "Bush's Recession," because by all measures, the recession is over. So, with the economy in good health by November, the Dems are going to want some means of taking credit for the recovery in their campaigns. The only way one can is to say they voted for the "economic stimulus" bill. The bill is meaningless in terms of recovery, but the vast majority of people who vote Democrat won't know that.

[Attillathehon]

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

Well sure. He held it up as long as he could hoping the economy would get worse so they could use that against the Republicans in November. When it became obvious that the economy was improving on its own, the only way the Demorats could take any credit for the upturn was to pass a stimulus bill and hawk that in November. They suck - all of them.

[P8riot]

No. He just voted for it because he didn't want to be seen for what he really is a politically motivated obstructionist.

[Hacksaw]

That was nice of them after the recession ended.

[VRWC_minion]

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

Many of them did when the ACRS rules were adopted in the eighties.

[VRWC_minion]

Accelerating depreciation is not welfare. It encourages small business to invest thereby providing jobs.