Results tagged “economicstimuluspackage”

Lawmakers announced that there was agreement between House and Senate for a federal stimulus package, which now totals $789 billion. Senate Majority Leader Senator Harry Reid said, "The differences between the House and Senate versions, we’ve resolved." He also alluded to a lot of “give and take, and if you don’t mind my saying so, that’s an understatement.” Politico reports that President Obama, who took his case for a stimulus package to the public on Monday night, was very involved: "In the last 24 hours the president has stepped forward to put his stamp on the package and defuse intra-party wrangling while also putting new options on the table including scaling back his own tax cuts." (A House staffer told Politico, "Basically it is whatever Obama wants.") In other news, Treasury Secretary Geither defended the lack of bank bailout plan details, "We’re going to do this carefully, consult carefully, so we don’t put ourselves in the position again [where there are] quick departures and changes in strategy."

Capping off a day that begun with news that 598,000 jobs were shed in January, raising the unemployment rate to 7.6%, a bipartisan deal was reached between Senate Democrats and moderate Republicans that will clear the way for an economic stimulus package to be passed by the Senate.

The House of Representatives passed President Obama's $819 billion economic stimulus package. No Republicans voted for the bill, whose final vote was 244 to 188 (11 Democrats joined the opposition against it). The Washington Post called it "an early victory for the new president but still a disappointment because of the lack of Republican votes." Politico reports, "Republicans failed in back-to-back efforts to shift the focus more to tax cuts and traditional highway and water infrastructure projects." President Obama was "grateful" the plan passed the House, "The plan now moves to the Senate, and I hope that we can continue to strengthen this plan before it gets to my desk." However the bill may may change in the Senate—Republican minority leader Sen. Mitch McConnell "has said that he and his colleagues will seek changes in whatever package comes over from the House."

Mayor Bloomberg let his feelings about H.R. 5140, the Economic Stimulus Act of 2008, which was signed into legislation by President Bush on Wednesday, be known. Mayor Bloomberg said the government "is spending money it doesn't have," and "I suppose it won't hurt the economy, but it's in many senses like giving a drink to an alcoholic."