Wednesday, January 28

$819 billion Stimulus Plan Passes House

The House passed the stimulus package tonight. Despite President Obama's desire to have a bipartisan bill, all of the Republicans and 11 Democrats voted against it.

Although the plan was suppose to help create jobs, there was plenty of other causes represented. Among the nearly $820 billion in the proposal are $25 million for new ATV trails; $400 million for the National Endowment for the Arts; $400 million for global warming research; $335 million for the Centers for Disease Control to combat sexually-transmitted diseases; and $650 million coupons to subsidize TV viewers for digital television conversion.

Supporters of the bill contend though that the bill is suppose to help create jobs and that's exactly what it does.

"I think that you have a hard economic argument to make that paving a road, or fixing a bridge, or building a wind turbine, or laying a power grid doesn't create jobs," White House spokesman Robert Gibbs said.

Of the $819 billion package, $30 billion has been set aside for infrastructure spending.

Now the bill heads to the Senate for consideration.



Jeff said...

The spending you listed accounts for less than $2B of the $820B. Can you provide a breakdown of all the spending/tax cuts? I agree that the spending items you listed do not, as far as I can tell, belong in a "stimulus" bill. I'm hoping the bill gets improved in the Senate and more of the spending is focused on infrastructure. This is how Republicans could be constructive in the debate.

I'm certainly not an expert in these things, but it seems to me we need a combination of tax cuts and long term investments in things that will pay dividends for future generations (after all, they're the ones paying for all of this). I know there's a concern about getting the money spent quickly but I'd rather take longer if it means investing it in things that provide long term benefits.

Also, at the end of the day, none of this will matter unless confidence is restored in our financial institutions and the banks start lending again. We can give tax breaks out the wazoo, but no one will want to spend that money if the foundations of the economy remain unsound.

stacey said...

Do you have a good link for me to read the details of the package as it stands without all the commentary? I have already heard of some the ridiculous parts in it, but want to see it myself before I post about it.



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