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| Obama's $800Bn Stimulus Package | |
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| Topic Started: Feb 7 2009, 11:51 AM (33 Views) | |
| Enspire | Feb 7 2009, 11:51 AM Post #1 |
The Chill
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The US Senate has agreed a slimmed-down economic stimulus plan worth about $780bn (£528bn) aimed at boosting the US economy. President Barack Obama, who proposed the package, has repeatedly warned that the US could face an economic disaster if radical action is not taken. Why has such a big stimulus plan been proposed? The US economy is entering its sharpest downturn since before World War II, according to many economists. Supporters of the measures say that without the stimulus, the downturn that began at the end of 2007 could last well into 2010. The slump has already cost three million jobs. President Obama has made passing the stimulus package his priority, saying that millions more jobs could be lost during the recession. As US interest rates are already approaching zero, it is clear that other policies must be considered to revive the economy. Why has the plan been delayed? A different version of the bill, worth $825bn, was passed in the House of Representatives without receiving a single vote from the Republican side. But it hit the buffers in the Senate, where the Democrats need Republican support to get it through. The Democrats have a majority, but they fall two votes short of the 60 required to ensure the Republicans cannot block the bill with a filibuster. Many Republicans argued that the stimulus plan was an excuse for permanently increasing government spending. They wanted to increase the amount of money spent on tax cuts, especially for businesses, and reduce the amount of government spending. Some also argued that the money would not be spent quickly enough to make a difference to the recession. In the Senate, they were joined by a group of Democrats, and forced the chamber to review the bill line by line, removing any measures they thought were wasteful. The resulting deliberations took a full week of the chamber's time. -The BBC ... Look into the Full Article for details on what is inside the bill and what details the Senate is bickering about at the moment. So, what do you think of this package? Would you vote for it? And do you believe it will be passed soon enough? ... Personally I think that it is a mediocre bill, but one that will surely begin to pull the economy out of this gigantic hole. Some of the spending on future programs is unnecessary and I really wish they weren't included in the bill, but I really hope that the senate passes it. In addition, I do not think the tax cuts are at all going to help, but I do know that the 300Bn of tax cuts in the bill are mainly fulfilling his campaign promises so I know at least that he is actually doing something that he talked about endlessly on the campaign. I do think that this bill will pass, for all they need is two votes from republicans to stop a filibuster, and even if a filibuster was started I truly think that the media would rip them apart and I for one would be outraged. What says you? Edited by Enspire, Feb 9 2009, 11:28 PM.
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"Under the spreading chestnut tree, I sold you and you sold me" -1984
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3:26 PM Dec 1
