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The Senate is set to begin voting on dueling economic aid proposals, as senators rush to add jobless benefits and tax rebates for high earners, the elderly, and disabled veterans to a House-passed package.
Senate Democrats and some Republicans are teaming up to tack $32 billion onto the House measure with a bill that would send rebates of $500-$1,000 to all but the richest taxpayers. Families also would get $300 for each child. Senators could begin voting as early as Thursday in hopes of completing the package by week’s end.
Anybody want to take bets on how big this stimulus package will be by the time they eventually get it passed (and by “big” I don’t mean how much we’ll get back in refunds, I mean how much crap they’ll tack on)?
Popularity: 8% [?]
We are talking about something that can and will be very scary indeed. The only thing we can hope for is that there will be so much added crap that the bill will be hard to pass and before they can pass it, the whole reason for the bill will have passed by. This whole problem was that the housing bubble finally broke, the markets are been shaken by it but will find their level and stabilize. At least that is what I hope.
January 31st, 2008 at 9:37 amAnd I do have to wonder how they can think that increasing unemployment benefits, and food stamps can be part of an EMPLOYMENT stimulus. I guess there is just no limit to the stupidity found from large groups of Congressmen.
This bill is just a big Christmas tree for Congress, and who said Democrats don’t believe in Christmas.
The big disappointment is Grassley just geeking for every proposal here.
January 31st, 2008 at 9:49 amJim - I talked with my wife about the same thing - how does encouraging welfare and unemployment stimulate the economy? It just creates more dependence, and discourages work.
PCD - I’ve been unhappy with pretty much everybody at this point. We’ve come to the point where even Republicans believe in the conventional wisdom that to avoid a recession, we need government spending. It’s not even a question - it’s just a given. FDR is smiling in his grave right now.
January 31st, 2008 at 10:40 am