Democrats in House Unveil $825 Billion Stimulus Bill

[Faygo Kid]

Source: New York Times

WASHINGTON — House Democrats on Thursday unveiled an $825 billion economic recovery package, an expansive combination of spending and tax cuts that aims to put millions of unemployed Americans back to work and halt what is widely believed to be the nation’s worst recession since the Depression.

The package, developed by Congressional Democrats in partnership with President-elect Barack Obama, includes huge increases in federal spending on education, aid to states for Medicaid costs, temporary increases in unemployment benefits and a vast array of public works projects to create jobs.

The Senate is developing its own version of a recovery package and intense haggling and fierce lobbying are expected over the next few weeks, not just between Democrats and Republicans but between the new administration and Congress, as lawmakers push to pass the stimulus bill by mid-February.

But the House version, unveiled on Thursday morning by the Appropriations Committee chairman, Representative David Obey, Democrat of Wisconsin, contains the broad parameters that are expected to remain in the final product — slightly more than 60 percent in new spending and just under 40 percent on tax cuts.

Read more: http://www.nytimes.com/2009/01/16/business/economy/16webstimulus.html?hp

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Enough? Who knows. We are in uncharted territory. Some very good things in here, though. Nice to see Medicaid, help to the unemployed, job creation and other things seriously discussed after 8 years of an unnecessary war and tax cuts for the rich.

[NewsDrunk]

1. HOW DEEP IS THIS HOLE WE ARE IN?

Man, oh man, would I love to have three years of Iraq war back pay for this!

But in any case, perhaps we can fuel the new economy on righteous anger and will not to return to the bad ol' days of the early naughties.

I watched this and it pretty much sums it up:

http://tv1.com/playlists/123

[Hutzpa]

2. ditto n/t

[EconomicLiberal]

3. 40% of the stimulus bill is devoted to tax cuts?

:puke:

"The definition of insanity is doing the same thing over and over and expecting different results"

[TrogL]

4. Middle class tax cuts

They have a different effect than Straussian tax cuts for the rich.

[EconomicLiberal]

5. Actually, most of that 40% would be devoted to business tax cuts, one would think. n/t

[Owl]

7. But is it the right time for more tax cuts?

What a miserable situation we're all in.

[Clear Blue Sky]

6. Hope it accomplishes more than the first stimulus.

[Romulox]

8. This is one time I am hoping for a Republican Filibuster.... nt

[xchrom]

9. what's the blue dog mix in this?

and what percentage of this is tax cuts for middle class families?

[.... callchet ....]

10. How are we going

to pay for this. How are we going to pay for this ?