Senate approves $838 billion economic stimulus bill 61 to 37. C-Span says three Republicans broke ranks to vote for it: Senators Susan Collins, Olympia Snowe, and Arlen Specter.
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Well when I have kids I will be happy to report the reason the USA failed is because we just added 1.4 Trillion dollars to our national debt. So much for common sense and saving money when it comes to the government. I wonder how much more they are going to throw at this problem if this $838 billion doesn't fix it.
@pecan pi: According to B.O., it will apparently be available on the internet so the average American can track it all down to the penny. I'll believe it when I see it.
In other news, Olympia Snowe sounds like a fake name made up by a Seattle politician or porn star.
@gqcarrick: Dude, we added something like $8 trillion in the last 8 years. You're just now outraged?
@pecan pi: The Senate and House versions differ, and those things have to be worked out before it's presented to President Obama. *Maybe* at that point we'll see a comprehensive list. Maybe.
If this fails, which I hope it doesn't, who will even trust the American financial system? I think it may be time to start investing into forein currency as a back up, maybe the peso will start to outshine the dollar, and Americans will be moving to Mexico in droves to earn enough with American manufacturers to send money home to the states. Scary. I hope you know what your doing gov't.
@skizsrodt: who will even trust the American financial system?
Democrats will because they think nationalization = good.
I will have to go home today and thank my 3 month old daughter for the loan and the unknown amount the Treasury wants for their "line of credit" for the banking system.
I promise we'll help pay it back. Really, I do.
@skizsrodt: If this fails, it's almost certainly going to drag down the rest of the world's economies as well. I'm not sure people realize that we're not the only country in trouble.
@Canino: Nah, Republicans will because that's what it will take to fix it! Lots of consumer trust and spending.
@Ash78: Sadly, she's all to real.. and thanks so much, "Olympia Snowe, pornstar" is the most horrifying thought to enter my brain this month..
Also, if Collins and Snowe voted for it, I don't need to know anything further to know I disapprove.
I hope this bill fails. Its bullshit.
Hey, what a deal! They kept saying it was going to be over $1 trillion. Sounds like we got off on the cheap!
/sarcasm
@Patrick Mcgranaghan: Since both sides have passed a version, the final signed version will likely be some merged version of these two pie charts:[www.cnn.com]
I'm glad we all this hope and change and our new President isn't resorting to using fear to rush legislation through Congress. Wait...
@moore850: So the 800 Billion bailout is only ~$350 in spending? That's going to be a lot of tax cuts. Sweet.
Saying that Collins, Snowe, and Specter "broke ranks" is laughable - making the assumption that they normally vote with their party. Will Obama use these patsies to claim the bill is "bipartisan"?
@gqcarrick: Are you kidding me?!? From the sound of most around here, it's a responsibility of the government to print money endlessly, expand government to the point of unbelievability, and 'take care' of us all. This applies to Democrats and Republicans.
Personally I say another couple trillion at most before even our closest allies refuse to buy US debt and the house of cards falls down
@Patrick Mcgranaghan: if it fails than we're all fucked. You know they'll just push another one through.
It doesn't matter whether the bill has red or blue lipstick: Gov't = Spending
Well, for my part, (should the stimulus go through after all) I will be saving every penny of it. I just can't bring myself to buy what I don't absolutely need right now.
@skizsrodt: The peso is 100% backed by the dollar. I would suggest investing in gold. I am not sure any currency would be safe if the dollar fell.
@cmdrsass: Bipartisanship goes both ways but to the republicans, bipartisanship means: give us everything we want, otherwise we won't budge and we'll whine that you aren't being fair.
Also, two of the most ardent supporters of/fundraisers for the Republican party, National Assoc of Manufacturers and Chamber of Commerce, wanted this bill to pass and pushed for it.
You're partisan blame is misplaced.
I want to go on record as saying, I voted and I do not support this package. I do not support any stimulus package. It's not necessary. This recession is just reducing the economy to reality. We were in an economic bubble just like the housing market. This package will just further reduce the actual value of the American market. This is a broken messed up ordeal. Just like the bank and car bailout, this fixes nothing in the shortrun and causes monumental problems in the long run. This is why we should be culling the government for corruption. They get something out of this... we just won't know what until after we get screwed.
@hypnotik_jello: Just let the free market sort it out. It'll take five to ten years for our economy to reinvent itself. Oh, and get rid of those pesky minimum wage laws and outlaw unions so corporations can compete with third world countries for factory workers.
@astraelraen: Well technically it could be paid back really fast if it is all spent domestically. Since it will be taxed like 30% every time it changes hands. Of course the government is going to turn around and roll that into tax revenue to spend rather than pay off the bailout. But that would still help the economy if spend domestically. If it works, it is better to owe the Chinese an extra 800 billion then having to live in Central Park in a tent eating pigeon soup to stay alive.
Cant wait for the next election year.
Hooray!!!!!!!! Rejoice Now we can start the Socialist Utopia that America was ment to be, Comrades!!!!
now for my real thoughts on the Stimulus in the form of a wheel of fortune puzzle.
We're all f_cked.
Care to buy a vowel?
Anyone think that I could start a business selling bumper stickers that say "Don't Blame Me. I voted for McCain"?
This is a very sad day for America and all Americans.
We will survive, but this burden will slow down the recovery for years.
Finally! I will use my tax credits to spend money and support American businesses like Circuit City, Linen's & Things, and K*B Toy- ohwait
I'm not in favor of such a massive package and I see tons of people complaining about the stimulus package and how it's going to eff things up, but I never see them offer a solution or alternative to it either. So I ask you Internet Economist, what's the real solution? I'd like to know.
@PlasmaMachine: DO NOTHING! Let the free market decide. The government has already screwed things up enough.
@thegirls: so if you don't support this bill you're suddenly unpatriotic? Sorry but we don't live in a fascist state.
@PlasmaMachine: End corporate taxes (offshore companies will flock to locate or relocate here) as well as individual income tax, Institute a Federal Sales Tax (taxpayers will KNOW exactly how much they are taxed with each transaction (issue tax credit checks to those below the poverty line so they will in effect not pay tax). Sit back and watch America's economy roar.
Now we know which Republicans to kill when this POS wrecks us even more.
@nighttrain2007: So...you'd prefer that large companies continue to fall because Americans aren't spending money, therefore forcing them to lay-off workers who in turn don't spend money so more businesses have to lay workers off until nobody has a job and no one has any money to spend and everyone dies? Cuz...I guess we COULD do that...
@Bahnburner: so uh, without income tax, how will things like infrastructure, public transit, education, and other items be financed? Guess it doesn't matter if you're rich and well off
* $2 billion earmark for FutureGen near zero emissions powerplant in Mattoon, IL
* $39 billion slush fund for "state fiscal stabilization" bailout
* $5.5 billion for making federal buildings "green" (including $448 million for DHS HQ)
* $200 million for workplace safety in USDA facilities
* $275 million for flood prevention
* $65 million for watershed rehabilitation
* $200 million for public computer centers at community colleges and libraries
* $650 million for the DTV transition coupon program
* $307 million for constructing NIST office buildings
* $1 billion for administrative costs and construction of NOAA office buildings
* $100 million for constructing U.S. Marshalls office buildings
* $300 million for constructing FBI office buildings
* $800 million for constructing Federal Prison System buildings and facilities
* $10 million to fight Mexican gunrunners
* $1.3 billion for NASA (including $450 million for "science" at NASA)
* $100 million to clean up sites used in early U.S. atomic energy program
* $10 million for urban canals
* $2 billion for manufacturing advanced batteries for hybrid cars
* $1.5 billion for carbon capture projects under sec. 703 of P.L. 110-140 (though section only authorizes $1 billion for five years)
* $300 million for hybrid and electric cars for federal employees
* $198 million to design and furnish the DHS headquarters
* $255 million for "priority procurements" at Coast Guard (polar ice breaker)
* $500 million for State and local fire stations
* $180 million for construction of Bureau of Land Management facilities
* $500 million for wildland fire management
* $110 million for construction for the U.S. Fish and Wildlife Service
* $522 million for construction for the Bureau of Indian Affairs
* $650 million for abandoned mine sites
* $75 million for the Smithsonian Institution
* $1.2 billion for summer jobs for youth
* $412 million for CDC headquarters
* $500 million earmark for NIH facilities in Bethesda, MD
* $160 million for "volunteers" at the Corp. for National and Community Service
* $750 earmark for the National Computer Center in MD
* $224 million for International Boundary and Water Commission - U.S. and Mexico
* $850 million for Amtrak
* $100 million for lead paint hazard reduction
@thegirls: Are you kidding me? You really think the Democrat view of "bipartisanship" is any less selfish?
If so, I have this house I want to sell you. Cheap!
We are screwed. Next time, I am voting for the other set of corrupt bastards.
@hypnotik_jello: Duh, we don't need those things. Although, when the army's paychecks start bouncing, we're going to have a lot of angry soldiers, who have access to a lot of guns. So I recommend investing in bullet proof vests.
@InsertBullets: I want the one that says "Don't blame me, I wanted to vote for Fred Thompson but he quit on me."
Can we get a layman's breakdown of what the bill entails and what revisions have been made? I've yet to find a good, simple yet detailed list of what changes were made. I found myself reading from four different news sources to try to piece together the complete list, instead of just getting lines such as "the package includes..." and then gives three examples, instead of the whole picture.