Here it is in late January and we have a Stimulus Plan that’s in the works…almost like clockwork for that matter. If you can remember around this time last year is when the House of Representatives and the U.S. Senate were kicking around the Economic Stimulus Act of 2008. The primary intentions of the president and the administration was to prevent recession and any further economic disaster. Well, we’re were in a recession then and we still are in a recession and now a new president will take his shot at doing it.
Late Wednesday the House of Representatives passed President Barack Obama’s $819 billion plant to help stimulate the economy. This version of it, spearheaded by Democrats, only saw opposition by 12 members of the party, while all Republicans voted against it. That isn’t the exact sign of bipartisanship that President Obama wanted to see as the plan heads to the Senate.
But the thing that’s holding up many on the Republican side of the aisle, is they are saying that the bill has too much spending and not enough tax cuts. While that does sound like your typical GOP line, this package is the largest spending that Congress has ever pushed through. They were able to cut down the original price from $825 billion to $819 billion, but it’s still quite a hefty undertaking.
In his first major hurdle of his presidency, Barack Obama addressed the passage in speech. He said he met with business leaders and the plan seems to be in favor of a few economist. If things work out President Obama could be signing this into law by President’s Day. But then again, between the tax cuts and the other domestic investments by the government, someone’s not going to get their way, so we could probably expect it to be dragged on a bit and modified.
Not for nothin’, but at this rate it looks like we’re doing one of these Stimulus Plans a year. If things don’t get any better, who knows what kind of goodies await us in next years plan.