Senate Votes on Stimulus Tomorrow
While the whole internet is obsessing over the entire Chrianna fiasco, something we should really be obsessing over and at least paying attention to is this Stimulus bill tomorrow. The president was in Indiana today to introduce the bill to the public. The city he visited is one of the most highly unemployed cities.
After reading the article about the Stimulus Bill here are some important points about what the bill consists of:
Senate Republicans leveled their grievances amid an outcry by some House Democrats and governors and mayors from around the country, who accused Senate Democrats of caving to Republican demands by reducing the aid to states in the bill.
If the Senate approves the measure, as expected, negotiations to resolve differences with the $820 billion bill passed by the House are expected to focus in part on the Senate’s decision to cut $40 billion from a state stabilization fund.
That money, while not providing a direct lift to the economy, would reduce pressure on states for layoffs and service cuts that economists say would undercut the efforts by the stimulus bill to create jobs and spur consumer spending and business investments.
As it stands now, the Senate bill focuses more on tax cuts, while the House bill provides more aid to state and local governments. The Senate bill does not include $19 billion for school construction included in the House bill, reduces health insurance subsidies for the unemployed, and scales back Mr. Obama’s proposed middle class tax cut.
The Senate bill also includes nearly $70 billion to prevent millions of middle class families in 2009 from having to pay the alternative minimum tax, originally designed to impose minimum tax payments by the wealthy. Because Congress has made such an adjustment for years now, economists say the provision offers no new help to the economy.
After a week of the most open floor debate since Democrats won control of the Senate in 2006, the Republicans complained that they had still been largely shut out of developing the huge package of spending programs and tax cuts to revive the economy.
Check out the full article HERE.
The Times even has somewhat of an active feed with updates on the bill. You can check that out HERE.