House Proposes $825 Billion in Stimulus Spending
EmailABC News’ Rick Klein reports: House leaders have released their draft of the massive fiscal stimulus package, after extensive consultations with Hill leaders and the Obama team. The top-line number: $825 billion. Of that, $550 billion would be in new spending, while the remaining $275 billion would come in tax cuts. This is shy of the $1 trillion price tag some thought possible — though if you toss in the $350 billion in financial bailout money being sought by President-elect Barack Obama, we’re well north of that figure. But the breakdown is important here: The $275 billion in tax cuts is less than the roughly $300 billion Obama folks have talked about. The per-employee tax credit for companies that create jobs — touted as a job-creator by the Obama team — is the most notable omission in the House draft. The $300 billion tax-cut figure was viewed by some Republicans as a floor for negotiations, not a ceiling. But Democrats balked at the breakdown (it was being described as a bigger tax cut than anything President Bush advocated), and the House package distributes roughly one-third to tax cuts, with two-thirds going to spending. This from the press release, from the House Appropriations Committee: “This package is the first crucial step in a concerted effort to create and save 3 to 4 million jobs, jumpstart our economy, and begin the process of transforming it for the 21st century with $275 billion in economic recovery tax cuts and $550 billion in thoughtful and carefully targeted priority investments with unprecedented accountability measures built in.” No earmarks, but as we’ve reported, that doesn’t mean rank-and-file lawmakers won’t play a role in directing the money where they see fit.
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Whew!!!!! Now we can all breathe easier it didn’t hit a trillion, makes me feel sooooooooooo much better!
Posted by: samhiguchi | January 15, 2009, 10:52 am 10:52 am
Can’t complain… we have spent that much on a war based on lies.
Why not give every household $150,000, but, it must be used pay off credit cards, cars and your home, and proven to the government that this is where every dime went to. If you don’t have that much in bills then the remaining amount must be given back. That will jump start everyone again. The banks, the car companies, and the housing.
Posted by: becky (the real one) | January 15, 2009, 11:08 am 11:08 am
what does it matter obama says that 09 will be worst then ever….what an optimist. making excuses before he get’s there
Posted by: jim | January 15, 2009, 11:17 am 11:17 am
No need to add earmarks to legislation that consists of pure pork that exceeds the tax cuts. Eliminate the pork by going for the tax cuts only.
Posted by: mmonroeliveson | January 15, 2009, 11:37 am 11:37 am
It;s a huge number, but it really is a compromise; not quite a trillion, not quite the bare bones package of vague “tax relief” that the GOP wants.
http://www.political-buzz.com/
Posted by: matt | January 15, 2009, 11:45 am 11:45 am
CNN states in regards to the $500 per person, $1000 per couple: The credit would also be refundable, meaning eligible workers can get it even if they don’t make enough money to owe income tax.
Why are we giving money back to people who don’t even pay money in!
Our country is so messed up.
Posted by: Sue | January 15, 2009, 12:21 pm 12:21 pm
Sue: Your right it is very messed up. Most of those people are unemployed and living in Tent Cities or out of their cars. I pray you nor I ever have to find out how messed up that really is.
Posted by: becky (the real one) | January 15, 2009, 12:25 pm 12:25 pm
http://www.fairtax.org
Posted by: devilkev | January 15, 2009, 12:43 pm 12:43 pm
If you folks want a real stimulus, support “The Fair Tax Act of 2007″. Go to the website (www.fairtax.org.)
Posted by: devilkev | January 15, 2009, 12:48 pm 12:48 pm
Welcome to the ‘Socialist Republic of America.
This proposal will do nothing to stimulate the economy, but will expand the role of government.
No doubt….this country is now totally under the control of……MORONS!
Posted by: gtessex | January 15, 2009, 1:03 pm 1:03 pm
Yah! Let’s give everyone $500 so they can run out and buy stuff made in China! Excellent plan! We’ll be back on our feet in no time.
Samhiguchi – Funny comment!!!
Posted by: interested08 | January 15, 2009, 1:27 pm 1:27 pm
And how much is $825 billion plus $350 billion?
Insanity reigns! This is what happens when the media and money buy a president! :(
Roll on 2012! :)
Posted by: aware2u | January 15, 2009, 1:28 pm 1:28 pm
This money is for more BAILOUTS. Bank of America and the auto industry will probably get some of this money. Americans get a $500 tax credit. WOW!!!Obama is not in office yet and he is asking for $850 billion and another $350 billion of TAXPAYER money.
Posted by: CW | January 15, 2009, 2:00 pm 2:00 pm
“Stimulus spending” is what ABC calls it. Other media outlets call it BAILOUT.!!!
NO MORE BAILOUTS AT TAXPAYERS EXPENSE.!!!!!
Posted by: CW | January 15, 2009, 2:02 pm 2:02 pm
I’m still waiting to hear what our representatives are going to sacrifice. Most of us have lost jobs and/or income, yet these fools continue to saddle us with more future debt. They should go down in history as the worst Congress ever. Nice job, Nancy. What happened to all that good you were going to do? Oh, that would have meant disappointing the people filling your pockets. Let’s hope that what goes around, comes around for these selfish, out-of-touch clowns.
Posted by: LagunaTriMom | January 15, 2009, 2:27 pm 2:27 pm
“becky (the real one) | Jan 15, 2009 11:08:25 AM”…
I’m afraid the “Old Democratic Liberal Wacko” talking points are boring and people are tired of hearing this liberal propaganda (as well as untrue…anyone who continues to reply with patently untrue “facts” define themselves as fools in the eyes of those who KNOW the truth!)…
Even my young grandchild knows debts can’t constantly be paid off with borrowed money…hell…the Chinese (as much as they want to own our butts) realize they’ve bought enough of our debt to own us if a total collapse begins to happen.
I pray for Mr. Obama every night…for moral strength and fiber to do what is right for the country…not just what is right for the party in power (Liberal Democrats) to maintain political control of the government…which ironically is only good for them…not for those working to pay these hideous debts…Here’s hoping God/Allah/Muhammed/Buda (whoever you pray to if you pray at all) protects the United States…
Posted by: TxnByBrth | January 15, 2009, 2:32 pm 2:32 pm
gtessex — this is the bill left by freeloading conservatives who passed a huge tax cut for themselves, started a war we didn’t need, told oil companies they didn’t need to pay their bills, and then drove the economy off a cliff. If we don’t expand the role of government, we can expect more of the same. I totally agree: “this country is now totally under the control of…… MORONS”. But that all changes next week! See you at the inauguration!
Posted by: whybeconservative? | January 15, 2009, 2:40 pm 2:40 pm
Hey “whybeconservative?”
You seem so smug and self-confident now — get back to us in a year or so and let us know if you still feel that way!
Posted by: mk | January 15, 2009, 4:25 pm 4:25 pm
Well we will have to wait and see what toy company gets money in the bailout package… for those of you who don’t remember the last bailout contained money for a company that makes toy arrows. If it doesn’t contain pork yet just wait, the morons in Washington will make sure they fatten it up.
Posted by: nospin1600 | January 15, 2009, 4:31 pm 4:31 pm
whybeconservative — You think this country still won’t be under the control of morons after next week… You need to wake up. The savior is already trying to pressure congress into giving him access to the rest of the TARP money before he even provides any detail on spending… That to me is indicative of a moron, not to mention same morons will be in congress next week that were there months ago.
Posted by: nospin1600 | January 15, 2009, 4:35 pm 4:35 pm
This isn’t a stimulus……….it’s a huge spending bill so politicians can rape taxpayers. Time for a new tea party.
Posted by: chattyway | January 15, 2009, 7:32 pm 7:32 pm
Nonsense…this $500 and $1000 that some are getting back will actually cost taxpayers more since we will have to pay for the borrowing for this not to mention. That there are many that get this money that never pay into it..you know the usual drug addicts, illegals, thugs. This “credit” is just a stupid way for politicians to buy votes……..and yet so many are gullible and fall for it. It’s bad people…real bad. And those that pay taxes will be paying for it.
Posted by: chattyway | January 15, 2009, 7:35 pm 7:35 pm
from becky:
“Why not give every household $150,000, but, it must be used pay off credit cards, cars and your home, and proven to the government that this is where every dime went to.” — Hmmmm, becky, let’s see…. —-2007 estimate of U.S. households: 111,162,259 -x- $150,000 = $16,674,338,850,000. —— Now that’s 16 trillion with a T, just to make it clear to you, since you’ve already demonstrated a complete lack of math and/or financial knowledge. —- You really aren’t that bright are you becky? I do hope you’re being facetious or you’re a troll pretending to be a liberal. If you weren’t, or aren’t, then please go back to whatever imaginary world you live in and keep your nonsense to yourself. —- or… Just run for Congress in a heavily Democratic state/district. I’m sure you’ll win big with these kinds of creative solutions.
Posted by: define_naive | January 15, 2009, 9:55 pm 9:55 pm
Wait. I don’t get it. Is that 875 Billion on top of the 350 Billion that they already spent. And how about cutting the 150 Billion pork out of the original bailout bill.
Posted by: Drew | January 16, 2009, 12:14 am 12:14 am
Nospin…… You cite that The “savior”…
hmmmm, amazing. FYI my savior died for me…what will your’s (B.O) do for you?
Posted by: SpecOPGuy | January 16, 2009, 12:52 am 12:52 am
Can’t complain… we have spent that much on a war based on lies.
Why not give every household $150,000, but, it must be used pay off credit cards, cars and your home, and proven to the government that this is where every dime went to. If you don’t have that much in bills then the remaining amount must be given back. That will jump start everyone again. The banks, the car companies, and the housing.
Posted by: becky (the real one) | Jan 15, 2009 11:08:25 AM
________________________________________
Becky, how dare thee think sensibly!!! Now you know the banks need this money, and don’t you dare expect them to be accountable for it.
Becky for President in 2012!!!!
Posted by: dk | January 16, 2009, 1:12 am 1:12 am
50,000 could pay off my student loans and personal debt or how about the government just give us debt relief in the form a massive spending bill. oops they already wasted the money to do that.
welcome to the United Broke People of America thanx to all the politicians
Posted by: QT of Chattanooga | January 16, 2009, 5:27 am 5:27 am
Plus I wont get a stimulus per the IRS because of student loans that I truly want to pay back. My $500 is already spent and Ill never see a dime. The government is stimulating their ecomony at expense of me
Posted by: QT of Chattanooga | January 16, 2009, 5:30 am 5:30 am
Yes Tax and Spend Spend Spend until we cant spend anymore. And like WOW we can afford over 100 million dollar inauguration? How about Obama leading by saying he will make his speech on the Internet and save us over 90 Million dollars. BUT NO.. How about the Children that need aid? nah we need to spend it on fat cats. Oh but thats OK with the left because its their guy. Hypocrites.
Posted by: ChicagoBob | January 16, 2009, 6:52 am 6:52 am
When are we all going to quit sitting in front of our high-tech boob tubes commenting on this crap and actually DO something about it? We should all be in Washington at this very moment protesting!
Posted by: Gotterdammerung | January 16, 2009, 8:50 am 8:50 am
If you want to BEGIN learning about the true nature of the problem, look at this from the Wall Street Journal:…http://online.wsj.com/article/SB122290574391296381.html….It SHOULD open some eyes, but then, that’s a problem with ignorance, the same paradigms that cause it also hinder its cure. The Perfect Stimulus Package-The government simply absorbs the remaining $350 billion from the stimulus bill and suspends the collection of all income and payroll taxes for two months. Even trade. This means that for two months you get your entire paycheck (well … less any State withholding). The government ends up with the same amount of money in its coffers, and the income earners in this country have some extra money to spend – an average about $2,000 per taxpayer – over the following two months. This plan puts the economic stimulus money right into the hands of the people who actually earned it in the first place. Can you imagine that? by: Neal Boortz Let’s start writing our congressman and senators now! Could something like this actually make its way through our Congress? Sure it could … if the voters demanded it. But hey …let’s get serious.The Perfect Stimulus Package by: Neal Boortz
Posted by: seekingtruth | January 16, 2009, 10:08 am 10:08 am
This stimulus package which is supposed to give jobs to people is only the beginning of needs. How is this employment going to continue over the long term? This is only a stop-gap measure. I fear Obama is too optimistic in all of his future plans.
Posted by: JGuernsey | January 16, 2009, 11:40 am 11:40 am
So basically, the government is going to give a “tax rebate” to people who don’t even pay federal income taxs (where we got social security etc) and this is going to “stimulate” a bad economy?
That’s not a “tax rebate” it’s called WELFARE… they keep playing with words, but it’s still the same damn thing.
Invest in people who INVEST in there community and country by paying taxes, creat jobs etc, not those who DON’T… that’s how you “stimulate” this great nation, but these bum politians are PAYING and BUYING votes IMHO with WELFARE towards mostly able bodied bums and bottom feeders who feel they are entitled!
Posted by: Jamming | January 19, 2009, 8:45 am 8:45 am
WOW.. I worked for 30 years without one day unemployed and was “downsized” this year. What’s Obama going to do for a 58 year old that noone is interested in hiring because she is over-qualified? I have medical issues that could be ruin my chance of a comfortable retirement without health insurance. COBRA only lasts 18 months then. if no job… I’m up a creek. Ilegals are going to have healthcare.. but I will not be eligible.. what’s up with that???
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