Christina Romer wanted a much larger stimulus, but Obama knew the GOP was out to keep any real stimulus from passing - so as to prevent Obama from succeeding in fixing the Republican Dystopia.
34 - 38% of the stimulus was converted from spending to tax cuts to win GOP votes. The GOP demanded tax cuts because they knew, at the outset of a depresssion, when everybody is worried about having a job in six months, Tax Cuts WOULD NOT BE SPENT. People worried about whether they will have a job in six months will hold onto any tax cuts or use it to pay down debt. and that's just what they did. In the end not one GOP vote was gained in the House and only three were picked up in the Senate - so determined were the GOP to make sure Obama failed - despite the cost to Americans and our nation.
the stimulus was NOT $787 Billion but more like $520 billion. Given the severity of the Trickle Down Deregulation disaster it should have been at least twice that size. NOte that at even $1 Trillion it would have been one fifth the deficit created by Bush (including the stimulus bill which wasmade necessary by Bush's policies)
The Dems offered a Small Business tax cut (for small businesses that made new hires) but the Republicans voted en-masse against it. This bill would have produced almoast 1 million new jobs according to a study by an independent analysis.
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The private group Regional Economic Models, Inc., estimates the combined impacts of the cuts would be worth about $87 billion added to the GDP and 990,592 jobs. The bill would also boost personal incomes by about $73 billion, according to REMI's analysis.
REMI explained that it did the study using preliminary estimates from Congress' Joint Tax Committee and information from the Small Business Administration to estimate impacts across states and industries.
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