US Congress passes stimulus plan

[Auburn85 438]

http://news.bbc.co.uk/2/hi/business/7889897.stm

The US Senate has voted in favour of Barack Obama's $787bn (£548bn) economic stimulus plan - clearing the way for it to be signed into law.

The vote came hours after the House of Representatives passed the measure without Republican backing.

Mr Obama has said the plan - a package of tax cuts and spending - will "save or create more than 3.5 million jobs".

Republicans argue the tax cuts are insufficient, and that the economy will be saddled with debt for years to come.

Members of both houses of Congress reached a deal over the content of the stimulus package on Wednesday.

The BBC's Kevin Connolly in Washington says the first set-piece drama of the Obama era ended in a comfortable but not entirely unqualified victory for the president, who had hoped for more bipartisan support.

All 176 Republicans and seven Democrats voted against the revised package in the House. It was backed by 246 House Democrats.

In the Senate just three Republicans voted for the package.

The rebel votes were however enough under Congress rules to stop the Republican Party using blocking tactics to obstruct the stimulus plan, and it passed 60-38.

'Helping families'

The approved version of the plan is split into 36% for tax cuts and 64% percent in spending and money for social programmes.

Republicans had insisted on larger tax cuts instead of big spending programmes.

Republican representative Mike Pence said before the vote: "The only thing the Democrats' stimulus bill will do is stimulate more government and more debt."

But House Majority Leader Steny Hoyer said: "Millions and millions of people... who have lost their jobs and can't put food on the tables of their families will be helped by this bill."

Meanwhile, Mr Obama said that in the longer term the government needed to rein in spending.

"We are going to have to once again live within our means," he said.

"We have a once-in-a-generation chance to act boldly, and turn adversity into opportunity, and to use this crisis as a chance to transform our economy for the twenty-first century," the president told members of the Business Council in Washington.

"That's the driving purpose of the recovery and reinvestment plan that I've put before Congress."

"We need to confront the crisis in the housing sector that has been one of the sources of our economic challenges."

Presidential pressure

The House approved its $825bn version of the package last week without any Republican support.

The Senate voted to approve a different $838bn version on Tuesday, with few Republicans opting to back it.

The two versions had to be reconciled in a joint House-Senate committee before facing final votes in the two chambers.

President Obama increased the pressure on Congress this week, saying he wanted the bill on his desk ready to sign by the weekend.

[Bottomfeeder 244]

We are so screwed.

[OldNewby 27]

But House Majority Leader Steny Hoyer said: "Millions and millions of people... who have lost their jobs and can't put food on the tables of their families will be helped by this bill.

Give a man a fish, and he’ll eat for a day. Teach a man to fish and he’ll eat for the rest of his life.

Meanwhile, Mr. Obama said that in the longer term the government needed to rein in spending.

"We are going to have to once again live within our means," he said.

In light of this bill, I find this statement to be incredulous. Do as I say, not as I do.

[japantiger 4,279]

I honestly never thought I would live to see this...a complete repudiation of fiscal responsibility and common sense...how is it we elect people that will do this? re-instates the welfare state, creates a deficit price tag no amount of growth can ever fund, inserts government into every aspect of life not already involved in...next, take away dissent under the guise of the Fairness Doctrine or "enforced media accountability"...what a load of crap.

[Grumps 3,706]

But House Majority Leader Steny Hoyer said: "Millions and millions of people... who have lost their jobs and can't put food on the tables of their families will be helped by this bill.

Give a man a fish, and he’ll eat for a day. Teach a man to fish and he’ll eat for the rest of his life.

Meanwhile, Mr. Obama said that in the longer term the government needed to rein in spending.

"We are going to have to once again live within our means," he said.

In light of this bill, I find this statement to be incredulous. Do as I say, not as I do.

What a great post, Newby. You completely shredded the "stimulus package" with two simple lines of type. I admire your ability to make such a great point so succintly.

[bigsixfive 341]

Obama said anything put before him to sign will be publicly available for 5 days before he signs it. Think he'll stick to his word with this one? My guess is he won't, considering he hasn't fulfilled that promise with anything he's signed thus far.

[OldNewby 27]

Thank you, DrTom! A good night's sleep does wonders.

[tgr4lfe 220]

So, how is the 36% that is tax cuts going to help me or the average middle class American, with both parents working and 2 kids??

I moved to Nashville June 2007, had put my house in Auburn up for sale 2 months earlier. It still has not sold. We are struggling to pay bills. We are currently trying a short sale on the house. That is only option as we cannot pay the mortgage and the rent on current place. SO...Obama thinks this is going to help me? I want to know how!!

[bigsixfive 341]

[OldNewby 27]

Sunshine, my butt. More like a thick, bacteria laden fog. SOP, I'm afraid.

[OldNewby 27]

So, how is the 36% that is tax cuts going to help me or the average middle class American, with both parents working and 2 kids??

I moved to Nashville June 2007, had put my house in Auburn up for sale 2 months earlier. It still has not sold. We are struggling to pay bills. We are currently trying a short sale on the house. That is only option as we cannot pay the mortgage and the rent on current place. SO...Obama thinks this is going to help me? I want to know how!!

Has your family decided how you're are going to use the extra $13/$26 dollars per week in tax cuts? We're thinking of using ours to buy all the disinfectant we can and taking it to DC. It's in desperate need of a major cleanup.

[autigeremt 7,545]

Revolution!

[bigsixfive 341]

Mr. President, I'd like to kindly direct you to the link above.

President Obama will sign the newly passed $787 billion economic stimulus bill Tuesday in Denver, a Democratic official told FOX News.

http://www.foxnews.com/politics/first100da...nomic-recovery/

[DKW 86 8,217]

We are so screwed.

You are correct. We have the mentally retarded working for us in DC.

But House Majority Leader Steny Hoyer said: "Millions and millions of people... who have lost their jobs and can't put food on the tables of their families will be helped by this bill.

Give a man a fish, and he’ll eat for a day. Teach a man to fish and he’ll eat for the rest of his life.

Meanwhile, Mr. Obama said that in the longer term the government needed to rein in spending.

"We are going to have to once again live within our means," he said.

In light of this bill, I find this statement to be incredulous. Do as I say, not as I do.

What a great post, Newby. You completely shredded the "stimulus package" with two simple lines of type. I admire your ability to make such a great point so succintly.

"Brevity is the soul of wit."

Oldnewby, you outdid yourself with that one post.

:clap::clap:

[Tigermike 4,251]