Stimulus here, stimulus there..everywhere a stimulus
February 2, 2009 1 Comment
As everyone is aware, the U.S. economy is in very bad shape. Every day more and more companies are announcing layoffs, the housing market is depressed, companies are closing and even gas prices are starting to rise again.
President Obama is calling on Congress to quickly pass a new stimulus bill to heal the ailing economy. In response, the democratically controlled House of Representatives passed an $819 billion stimulus bill last week. However, in an overt departure from bipartisanship, not one Republican House member voted for it.
This passed bill, called the American Recovery and Reinvestment Act of 2009 (HR1) has been received in the Senate for their consideration and debates should begin shortly.
Meanwhile, there are already several separate senate bills also called the American Recovery and Reinvestment Act of 2009 on the Senate calendar. And Republican senators are already drafting yet another alternative stimulus bill to push for passage in lieu of HR1.
The Republicans oppose the bill passed by the Democrats, claiming it contains “excess spending” and not enough tax cuts.