Democrats unveil $825 billion in stimulus spending

[one...two...tree 2,762]

By Jeremy Pelofsky

WASHINGTON (Reuters) – U.S. Senate Democrats on Friday unveiled their version of a massive economic stimulus proposal that, like its counterpart in the House of Representatives, would provide new emergency spending and tax cuts totaling $825 billion.

The Senate Appropriations Committee outlined $365 billion in spending under its jurisdiction to try to pull the U.S. economy out of its more than yearlong recession. That figure is just slightly more than the $358 billion approved this week by the House Appropriations panel.

"These investments will not only create jobs now, but will also address neglected priorities here at home and lay the foundation for economic growth in the long term, said Sen. Daniel Inouye, chairman of the committee.

Congress is rushing to meet a mid-February deadline that President Barack Obama has set for passage of a stimulus measure. Both sides said on Friday they expected to have a package ready for Obama to sign by that deadline.

But they continued to disagree on details. Republicans complain the Democrats' measures contain too much spending. They are calling for more tax cuts, which they said would better spur job growth and help revive the economy.

Earlier on Friday, Senate Finance Committee Democrats put forward $275 billion in tax cuts, an amount identical to the tax cuts being sought in the House. Other committees will oversee details of the bill that would bring its total to $825 billion.

Next week, the Senate Appropriations Committee is expected to debate the huge spending bill and the full House hopes to pass its version.

Amid Republican complaints it would take years to spend a large portion of the funding, the Obama administration released a letter that said it wanted at least 75 percent of the money spent by September 30, 2010.

"Everybody believes that government's action is necessary," Senate Minority Leader Mitch McConnell said in a speech to the National Press Club. "It will happen and I think it will happen before the anticipated week off in February."

He questioned whether Republican ideas would be adopted in the Democratic-controlled Senate and House, but said he believed Obama was open to them. "We will see, as we go along, how many of them are incorporated."

Republicans handed their alternatives to Obama at a bipartisan White House meeting and planned to press their ideas when the package comes to a House vote on Wednesday. Obama will visit Capitol Hill again next week to push for the package.

TAX BREAKS

The Democratic tax cut plan would direct benefits more toward lower-income workers, even those who do not pay income taxes, while the House Republicans would help all taxpayers.

The Republicans do not yet know the cost of their plan.

The House Republican proposals include cutting the lowest two income tax brackets, to 10 percent from 15 percent and to 5 percent from 10 percent, while offering small businesses a tax deduction equal to 20 percent of their income.

Democrats have proposed a tax cut of $500 for individuals earning up to $75,000 and $1,000 for families earning up to $150,000. Republicans said their plan would give families an average of $1,700 in savings.

The Republicans also proposed helping those who have lost their jobs by eliminating taxes on unemployment benefits. They also urged that the legislation bar higher taxes to pay for the anticipated increased spending.

Senate Finance Committee Chairman Max Baucus unveiled the Democrats' draft of their tax stimulus bill to be considered next week. Totaling $275 billion in tax breaks and incentives, it had many similar elements to the House package and included $30 billion in tax cuts and incentives for the energy sector.

The top Republican on the panel, Sen. Chuck Grassley, said he would try to include a fix to the Alternative Minimum Tax, which was designed to ensure wealthy people did not take advantage of so many tax breaks that they paid no taxes. But more middle-income families are being hit by it.

(Additional reporting by Richard Cowan, Thomas Ferraro, and Donna Smith; Editing by Peter Cooney)

http://news.yahoo.com/s/nm/20090124/pl_nm/...ess_stimulus_24

[luckytxn 2,264]

Way to go Socialists. I guess the change everyone was promised will come eventually.

Massive Fed spending. Big tax cuts. Which all will amount to another huge budget deficit. Same old song and dance.

[w¡n9Nµ7 §£@¥€r 123]

The Democratic tax cut plan would direct benefits more toward lower-income workers, even those who do not pay income taxes, while the House Republicans would help all taxpayers.

Sounds familiar. Is it 2001 again?

[bhajishah 4]

Hooray and you all said its for minorities and women. its for everyone yeah. Who going to get a job protecting the ports??

[Nagishkaw 510]

[kaydee457 13]

More on the Socialists and their cloaked attempt to push this entitlements program on us under the guise of "Stimulus".....

####### does this have to do with stimulating the economy? Not saying it isn't needed to do this but it isn't "Stimulus".....

Here's proof that the dems, aka LIBERALS, are going to use "Stimulus" money to fund everything, and everthing that involves entitlements.....####### has this to do with creating JOBS?????????

Stimulus could pump $26M to Manatee schools

Economic stimulus would help offset state budget cuts

STAFF AND WIRE REPORTS

The economic stimulus plan rolling through Congress could bring $26 million in additional funding for Manatee public schools over the next two years.

In all, Florida schools could receive $2 billion, easing the pain from yet another round of state budget cuts on tap for this spring.

The $825 billion stimulus package, backed by President Barack Obama, would set aside at least $100 billion for K-12 education and $21.5 billion for colleges and universities.

A congressional analysis that circulated Thursday estimated Florida school districts will get nearly $1.3 billion this year and $668 million in 2010.

Manatee schools could get almost $16.7 million this year, and almost $9.3 million next year, according to the analysis. Sarasota schools could get about $21.6 million over two years.

“This is a lot of money,” said Ruth Melton, legislative director for the Florida School Boards Association.

Much of the stimulus money is targeted for specific programs for low-income and disabled children and school construction. The congressional analysis did not include all school-related spending in the package.

State and district officials reacted cautiously, saying it remains unclear to what extent the federal money may come with strings attached.

The fact that the money is intended to supplement existing federal programs is a concern, said Jim Drake, Manatee schools’ assistant superintendent of finances.

“It’s certainly timely that they are doing that, and certainly, we appreciate it,” said Walter Miller, Manatee school board chairman. “The unfortunate part is, it does not appear to help us in the operating budget. Maybe there might be some language in there that can help move some money around.”

Also, the funding is only for two years.

“My primary concern is, (the stimulus is) only for two years, and we don’t want to take on something that we can’t sustain in the long term,” Drake said. “It takes a couple of years to work through an education plan. . . . What happens when the money goes away?”

The Florida Department of Education is certainly excited about the prospect of more money for schools, said spokesman Tom Butler. But “we really need to understand the details and requirements of the final package before we can estimate its impact on Florida.”

Education groups throughout Florida have been awaiting details on the stimulus package for weeks.

The Legislature cut education spending for the first time in decades in the spring and lopped off another $500 million in a special session this month. The cuts it will face in March are even bigger.

By some estimates, there may be up to $200 billion for schools in the stimulus package, said John Laughner, legislative manager for the Committee for Education Funding, which represents a broad coalition of national education groups.

He said legislative leaders are pushing to get a bill to Obama by mid-February.

The new president has “had a huge hand in what the bill looks like,” he said. “I would think it would be really difficult for (Congress) to shoot down one of his first requests.”

Lakewood Ranch High parent Brynne Anne Besio’s hope for any sort of federal education stimulus is simple.

“The main objective of any money should be to keep the reach of these (Florida’s) cuts out of the classrooms,” she said.

The St. Petersburg Times contributed to this report.

source

[Jasman0717 9]

Ok, lets print up some money

[Yoink 7]

So what specifically do I get out this?