U.S. President Barack Obama, according to this Washington report, said “he’s confident that a multibillion-dollar plan to kick-start the ailing economy will survive a crucial House vote.”
It’s unclear how much Republican support he’ll get for the 2009 economic stimulus package, but Obama said “I’m confident we’re going to get it passed.”
According to the report, “the President talked about prospects for the $825-billion (U.S.) measure during a picture-taking opportunity in the Roosevelt Room where he was surrounded by supportive CEOS from major businesses… House Minority Leader John Boehner wouldn’t say Wednesday morning how he thought the vote would turn out. He did emphasize anew that GOP members are worried about billions in domestic spending that “has nothing to do with creating jobs or preserving jobs… Senate GOP leader Mitch McConnell of Kentucky told CNN that “where we have differences with the House Democrats is that the package just doesn’t seem to reflect our priorities, nor the president’s… Congressional leaders have promised Obama they would send him the measure, which could be the single largest bill ever to go through Congress, by mid-February.”
In addition, the economic stimulus bill details include “about $550-billion in spending and roughly $275-billion in tax cuts in hopes of spurring the economy and helping those directly affected. Much of the spending would be for items such as health care, jobless benefits, food stamps and other programs that benefit victims of the downturn.”
I don’t know about you, but mid-February is starting to sound really late…. I think we needed this in mid-November, but of course back then, no one was as willing to accept it. Now it’s clear that the economy is in need of some kind of major stimulus package, although it’s not clear what the details should be. For example, there’s a lot of debate over the sort of tax cuts that should be put in place.
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Hopefully the 2009 stimulus package will do MUCH more than the TARP funds did for the economy. We’ll see, and you are right – even though February is almost here – the stimulus seems far away.