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WriteDown Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-04-09 11:18 AM
Original message
Obama economic plan now tops $900 billion
Source: AP

WASHINGTON The cost of President Barack Obama's economic recovery plan now exceeds $900 billion after the Senate added money for medical research and tax breaks for car purchases.

It could go higher Wednesday if a tax break for homebuyers is made more generous, even as centrists in both parties promise to clear away spending items that won't jump-start the economy immediately.

In an interview on CNN, Obama signaled a willingness to drop items that "may not really stimulate the economy right now." He also signaled he'll try to remove "buy American" provisions in the legislation to avoid a possible trade war.

In a victory for auto manufacturers and dealers, Sen. Barbara Mikulski, D-Md., won a 71-26 vote to allow most car buyers to claim an income tax deduction for sales taxes paid on new autos and interest payments on car loans. The break would cost $11 billion over the coming decade but could mean savings of $1,500 on a $25,000 car.....

Read more: http://news.yahoo.com/s/ap/20090204/ap_on_go_co/congres...



Am I the only one who things this sounds expensive?
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Oregone Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-04-09 11:22 AM
Response to Original message
1. a tax break for homebuyers wont jumpstart the economy period
There isn't a ton of people sitting around with $200 K, only will to spend if uncle sam gives them back $10 K. Those tax rebate schemes only work if you have a reluctant consumer class, not if you have a drowning consumer class.
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Guy Whitey Corngood Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-04-09 11:23 AM
Response to Original message
2. Many people think it's expensive particularly republicans. nt
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WriteDown Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-04-09 11:26 AM
Response to Reply #2
6. So lets increase it to 2T and really jump start the economy...
The plan as it still now looks bloated and it doesn't concentrate on what is really needed.
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Guy Whitey Corngood Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-04-09 11:27 AM
Response to Reply #6
7. Sure, why not. nt
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Oregone Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-04-09 11:27 AM
Response to Reply #6
8. Perhaps it should be
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bluestateguy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-04-09 11:23 AM
Response to Original message
3. How about just giving every American a $3000 debit card
Everyone, no exceptions. The only stipulation is that the money MUST be spent, though you could use it to pay a bill. It would be a debit card, and you'd have to pump it into the economy.
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Oregone Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-04-09 11:26 AM
Response to Reply #3
5. Trusting the consumer to spend the money properly cannot produce an effective stimulus
Edited on Wed Feb-04-09 11:26 AM by Oregone
It would all be spent on porn and TVs from China. You would be better off sending them $3K in food vouchers.
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rucky Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-04-09 11:37 AM
Response to Reply #3
10. Even if it's deposited, that'll help
the banks with lending.
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slipslidingaway Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-04-09 11:23 AM
Response to Original message
4. No n/t
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Baby Snooks Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-04-09 11:34 AM
Response to Original message
9. Voodoo Economics...
In voodoo economics, you just stick it to the middle-class who pay for the rich and the poor. And everyone is happy. Well, the rich and the poor are happy anyway.

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xloadiex Donating Member (118 posts) Send PM | Profile | Ignore Wed Feb-04-09 12:03 PM
Response to Original message
11. They removed a 246 million tax break
for movie producers? Can't afford to go to a movie if you don't have a job.
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