Stimulus Bill Now At $789 Billion

Stimulus Bill Now At $789 Billion

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Yes, the price tag keeps going down.

Now, I’d hope that this would make some of you happy, but I honestly can’t sort through people’s opinions about this anymore. They seem all over the place.

And, by the way, that’s not a judgement, just an observation.

Me, I just think we need to get something done. Nobody’s going to get everything they want, nor should they have ever expected to. Yes, I wish we had more infrastructure spending in there, but I understand the need for compromise in order to get this thing pushed through. Long story short, the economy needs a jolt right now and there’s only one entity that can do it.

From Bloomberg:

Feb. 11 (Bloomberg) — U.S. lawmakers agreed on a $789 billion economic stimulus plan that President Barack Obama said is urgently needed to keep the country from sliding into a deeper recession.

Following weeks of debate and negotiations in Washington, Senate Majority Leader Harry Reid told reporters today that negotiators reached “middle ground” and Congress may vote on the plan within days. Reid said the package would create 3.5 million jobs. The Dow Jones Industrial Average rose 50.65 points, 0.6 percent, to 7,939.53.

“It is a jobs bill,” said Democratic Senator Ben Nelson of Nebraska, an architect of the compromise. “And today you might call us the jobs squad.” Nelson and other senators had insisted that the stimulus plan be less than $800 billion.

“The votes are there for passage, that is clear,” said Senate Finance Committee Chairman Max Baucus, a Montana Democrat.

The new plan is smaller than the $838 billion bill approved by the Senate yesterday and the $819 billion package passed by the House last month. Obama had said he wanted a bill on his desk by the Feb. 16 Presidents’ Day holiday.

The question now…will this bring on any more Republicans or will they continue to insist that the bill needs to be half this size and be composed mostly of tax cuts?

More as it develops…

  • http://www.warning1938alert.ytmnd.com Jimmy the Dhimmi

    President Obama said that the Great Depression lasted so long, and the Japanese lost a decade, because the federal governments did not intervene enough, or spend enough money on public works projects. I would like to hear Obama say on record whether or not this package is enough, or whether the programs removed by the senate were essential to the recovery.

    My feeling is that Obama and his supporters will try to defend his legacy by blaming the compromise if this thing doesn’t work. They should be glad the stimulus has changed, it gives them an excuse if it blows up in our face.

  • Joshua

    Justin: The question now…will this bring on any more Republicans or will they continue to insist that the bill needs to be half this size and be composed mostly of tax cuts?

    My semi-educated guess is that the safer a House seat is for a given GOP congresscritter, the less (s)he has to lose by opposing the bill come hell or high water. Or, put another way, the number of “no” votes in the final tally on this stimulus package could be a good predictor of where the GOP will bottom out in terms of House representation.

  • http://sidewaysmencken.blogspot michael reynolds

    Jimmy:

    How is it going to blow up in our face? The economy has already blown up. Unless this somehow costs jobs it’s hard to see how it would blow up.

    You’re right that the GOP gave us an excuse. Plus it gave us 100% of the credit if there’s a turn-around. The GOP only wins if the economy stays in the crapper — they’re betting on failure. But the fun part is that they were in charge when the initial failure occurred. So, what’s the upside for the GOP?

    For the record, Obama got 85% of what he wanted. He wanted quite a bit, and he got almost all of it.