Back in October before he was elected President, Obama had a projected stimulus of about $175 billion dollars. That has grown now to somewhere between $675-775 billion over the next two years.
Obama’s team is crafting a massive new economic stimulus package to reach his revised job goal. Though the president-elect has declined to specify the amount, transition aides told Capitol Hill staff last week that the plan may cost $675 billion to $775 billion over two years.
Those numbers far exceed the more modest stimulus package Obama laid out during the campaign, underscoring a growing worry that the economy is in a tailspin. As recently as mid-October, Obama was touting a stimulus of about $175 billion.
Summarizing the incoming administration’s view, Vice President-elect Joe Bidensaid in an interview with ABC’s George Stephanopoulos to air Sunday that the economy is at risk of “absolutely tanking.”
Now the narrative has already begun, the economy is worse than we knew. Bush sucks more than we thought he did. We have to spend more money than projected, entitlement programs must be expanded. Scare tactics are being employed as we speak; you are going to lose your job, and unless we spend another $700 billion, and increase entitlements you will end up out on the street.
Why can’t we cut corporate, income, and business taxes to stimulate the economy? Every time it’s tried it works; Barry and the dems refuse to believe that Bush’s tax cuts are what saved us from financial collapse after 9/11. We were in recession, our financial markets took a pounding, the stock market lost about 4ooo points and the economy recovered.
We cannot spend our way out of debt or out of a recession as Barney Frank (D) from Massachusetts seems to think we can. The Democrats are looking at this financial meltdown right now and licking their chops. They see deficit spending on the horizon and nobody is going to tell them no, especially after January 20th.
Obama’s plans to revive the economy hinge on passage of his stimulus package, which Congress plans to take up Jan. 6. Though he has the votes in the House, the Senate is another matter. Republicans could delay or derail it with a filibuster.
Republican leaders have voiced skepticism about the stimulus, warning that there must be a thorough public vetting of a bill that costs so much. They’ve also vowed to oppose any plan that includes pork-barrel projects meant to reward special interests. source: Chicago Tribune
Don’t be fooled, the Republicans may be able to hold this stimulus off for another few weeks, but after the 20th all bets are off. And any stimulus package that goes through will be absolutely saturated with pork barrel projects in Democratic districts all over the country; and a few rino districts to boot.
Congress needs to cut taxes, employers need to be able to afford to keep more of their employees on the payroll, period.