I'm amazed that an $800,000,000,000 spending bill can be voted on without anyone getting to read the final version. Given only three Republicans in the Senate and none in the House voted with the majority, this is a solely on the shoulders of the Democrats. If it fails to stimulate the economy or is percieved as a wasteful givaway, the Democrats will pay a heavy political price. Let's hope it performs as advertised.-LouCongress passes huge economic stimulus package
WASHINGTON (MarketWatch) - With support from just three Republicans, the Democratic majorities in both the House and the Senate approved Friday a sprawling, $787 billion economic stimulus package backed by President Barack Obama, handing the new president a major victory on his top economic priority.
The huge package contains billions of dollars in infrastructure spending and assistance to states and the unemployed, and a $400 tax cut for individuals that Obama promoted during his run for the White House. Obama said the tax cuts and spending increases should create or save 3.5 million jobs and help lift the economy from one of the worst recessions in generations.
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http://www.marketwatch.com/news/story/Congress-passes-huge-economic-stimulus/story.aspx?guid=%7BD95D7A93%2D5C78%2D446D%2DA813%2DA08081CBA92F%7D
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Will the stimulus bill compromise lower your tax rebate to $8 per week? That appears to be true. The final version has not been passed, but reports indicate the $500 per year in reduced tax withholding has been reduced to $400 per individual and $800 per couple. That only comes to $8 per week for an individual and $16 for a couple. If they start the payments in June and make it retroactive to the beginning of the year, you will get $13 per week until next January. Then, your rebate would drop to the $8 per week level. Are you felling stimulated yet? In a stimulus bill of almost $1 trillion dollars, you would think President Obama would have more for the working class.
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