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Bush, lawmakers set to meet on economy

nonothing

Well-known member
WASHINGTON - President Bush and top congressional leaders will be looking for quick agreement on how to pump as much as $150 billion in tax cuts and government spending into the ailing economy to head off a recession.


House Speaker Nancy Pelosi, D-Calif., and leaders in both parties are scheduled to meet with Bush on Tuesday to discuss a stimulus bill providing tax rebates, business tax cuts and funding for a Democratic-led call for additional food stamp and employment aid.

Both sides already have displayed flexibility not witnessed last year in battles over spending, taxes and children's health insurance. Lawmakers appearing on weekend televisions talk shows promised bipartisanship.

"There's a real spirit of compromise in Washington right now, a spirit of, 'Let's get together, put away the bipartisan differences, because the economy is in poor shape,'" Sen. Charles Schumer, D-N.Y., said on "Fox News Sunday." "There are many Democrats, frankly, who would rather not have business tax cuts. But again, no one's drawing a line in the sand."

Bush on Friday called for an economic growth package of about $145 billion, centered on tax cuts for business and rebates for individual taxpayers. He did not announce details, but administration officials are focusing on rebates of $800 to $1,600 for individuals and couples and so-called bonus depreciation to allow companies to deduct 50 percent of business investments made this year. He also supports help for small businesses with more generous write-offs on equipment purchases.

Democrats want the rebates to reach millions of lower-income families who pay only Social Security and Medicare taxes or who may not file income tax returns at all.

On Capitol Hill, talks between Pelosi and House Minority Leader John Boehner, R-Ohio, have focused on smaller tax rebates of perhaps $500 for individuals, bonus depreciation and small business expensing, as well as Democrats' call for boosts in unemployment benefits, food stamp payments and the Medicaid health care program for the poor and disabled.

It's a rare display of bipartisanship that was not taken as a given when Washington buzz about a possible stimulus measure reached a tipping point two weeks ago.

Then, the White House adopted a cautious stance, saying that Bush hadn't decided whether the economy was sour enough to require a fiscal jolt. Aides to Senate Majority Leader Harry Reid, D-Nev., initially fretted that any stimulus plan might get loaded up with a lot of unrelated junk and that GOP partisans would force politically difficult votes as the measure moved through that chamber.

But Pelosi stepped out first, insisting Congress would go forward. Bush and his GOP allies in Congress saw little choice but to go along.

But both sides have negotiated in good faith. Republicans and Bush declined to insist on extending Bush's 2001 and 2003 tax cuts that expire in three years, while Democrats offered up tax breaks for business and limited their roster of spending proposals. Democrats also agreed to waive budget rules requiring tax increases to finance the measure.

The rush to produce an economic stimulus bill comes as recent data on the economy is increasingly negative and as the issue has become a top priority with voters.

The major players appear motivated chiefly by a desire to help people who are hurting as the economy sags. But the political benefits of looking responsive to demands by voters to do something about the economy are not lost on lawmakers and the White House at a time when approval ratings for both are in the gutter.

"We'd all like to have a better record. I don't think any of us are particularly proud of the session of Congress just completed and we'd like to start things out on a better footing," said Rep. Earl Pomeroy, D-N.D. "But I really do think it's more like, 'We've got to do something about the economy.' This is a no-games deal."
 
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Anonymous

Guest
He did not announce details, but administration officials are focusing on rebates of $800 to $1,600 for individuals and couples

Everyone is now questioning how this rebate will stimulate the US economy--when there isn't hardly any products left made in the US..... :???: :shock: :( It appears to me this will be most beneficial for China, India, and Japan.... :(
 

MoGal

Well-known member
Has anyone heard that Kucinich has proposed a WPA bill ?? They said HR 3400 (but I thought Kucinich was in the senate??)

Someone in reader comments over on ICH mentioned it and I've not had time to search it out.

I think you're right OT, this will stimulate China, Japan, and India products ..... unless folks keep it or use it on credit card bills, house payment, etc... but they say that many folks are behind on their credit card payments and heating bills.
 

T99

Well-known member
Kucinich advocates a full-employment economy, calling for a new version of the 1930s Works Progress Administration (WPA), which employed millions of Americans. He wants to put people to work to rebuild the country’s crumbling infrastructure, from its roads and bridges to its dams, levies, sewer systems, libraries and mass transit. He has introduced, along with Republican Rep. Steven LaTourette of Ohio, a bill, H.R. 3400, that would provide federal funds for this jobs program. He has called for the government to invest in wind and solar technologies to be retrofitted into tens of millions of U.S. homes and businesses.
 

Steve

Well-known member
calling for a new version of the 1930s Works Progress Administration (WPA), which employed millions of Americans. He wants to put people to work to rebuild the country’s crumbling infrastructure, from its roads and bridges to its dams, levies, sewer systems, libraries and mass transit. He has introduced, along with Republican Rep. Steven LaTourette of Ohio, a bill, H.R. 3400, that would provide federal funds for this jobs program. He has called for the government to invest in wind and solar technologies to be retrofitted into tens of millions of U.S. homes and businesses.

It would be a better idea then the "tax rebate"...

at least we would get something out of it..

A $150 million dollar cut to the bloated budget would be better incentive to wall street then a $800 tax rebate...

but before the jobs are handed out... make sure the illegals don't take the jobs Americans don't want... :roll:
 

Tex

Well-known member
Steve said:
calling for a new version of the 1930s Works Progress Administration (WPA), which employed millions of Americans. He wants to put people to work to rebuild the country’s crumbling infrastructure, from its roads and bridges to its dams, levies, sewer systems, libraries and mass transit. He has introduced, along with Republican Rep. Steven LaTourette of Ohio, a bill, H.R. 3400, that would provide federal funds for this jobs program. He has called for the government to invest in wind and solar technologies to be retrofitted into tens of millions of U.S. homes and businesses.

It would be a better idea then the "tax rebate"...

at least we would get something out of it..

A $150 million dollar cut to the bloated budget would be better incentive to wall street then a $800 tax rebate...

but before the jobs are handed out... make sure the illegals don't take the jobs Americans don't want... :roll:


I am surprised aplus and backhoe haven't called for the tax cut to go only to the rich, because, you know, they provide investments, jobs and everything our economy needs.
 

aplusmnt

Well-known member
Tex said:
Steve said:
calling for a new version of the 1930s Works Progress Administration (WPA), which employed millions of Americans. He wants to put people to work to rebuild the country’s crumbling infrastructure, from its roads and bridges to its dams, levies, sewer systems, libraries and mass transit. He has introduced, along with Republican Rep. Steven LaTourette of Ohio, a bill, H.R. 3400, that would provide federal funds for this jobs program. He has called for the government to invest in wind and solar technologies to be retrofitted into tens of millions of U.S. homes and businesses.

It would be a better idea then the "tax rebate"...

at least we would get something out of it..

A $150 million dollar cut to the bloated budget would be better incentive to wall street then a $800 tax rebate...

but before the jobs are handed out... make sure the illegals don't take the jobs Americans don't want... :roll:


I am surprised aplus and backhoe haven't called for the tax cut to go only to the rich, because, you know, they provide investments, jobs and everything our economy needs.


I am for tax cuts to anyone that pays taxes. Not unearned income people that get more back than they pay in though, that is welfare.

But I am sure you would rather see a tax increase. You are such an enabler to the spenders in Washington. They spend and you want to give them more tax money. Have you not learned it is a never ending circle.
 

MoGal

Well-known member
I am for tax cuts to anyone that pays taxes. Not unearned income people that get more back than they pay in though, that is welfare.

You don't think lowering the interest rate is welfare for wallstreet? Think again my friend.

While the real people have stagnant wages, increasing food costs, a utitlity bill 1/3 of their income (yes the senior next door got one this month and she's in a tizzy and at $1300 month she doesn't qualify for energy assistance) and she still has to buy groceries, gas, and pay rent.
 
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Anonymous

Guest
MoGal said:
I am for tax cuts to anyone that pays taxes. Not unearned income people that get more back than they pay in though, that is welfare.

You don't think lowering the interest rate is welfare for wallstreet? Think again my friend.

While the real people have stagnant wages, increasing food costs, a utitlity bill 1/3 of their income (yes the senior next door got one this month and she's in a tizzy and at $1300 month she doesn't qualify for energy assistance) and she still has to buy groceries, gas, and pay rent.

If there is even any money there-- I went in with an old fella who gets about $450 a month SS (because Clinton and Bush have lied about the inflation rate for years and these old folks never got the COLA's they need and deserve) and about $500 a month investment money.... $950 a month to maintain his house, buy food, heating fuel, and gas, and live on....

They'd love to give him energy assistance- but was told GW hasn't fully funded it for years and they have no money :( :shock:
Kind of hard for an 87 year old man to go back to flipping burgers every day- but thats the GW way :roll: :( :mad:

As long as his elite buddies can keep getting no bid contracts in Iraq he figures the people of the country are well cared for.... :( :mad: :mad:
 

Goodpasture

Well-known member
I wonder if they thought of reducing spending/balancing the budget as an option to borrowing more money to send out rebates so the people who spent all their paychecks and the equity in their homes can spend even more at walmart.............
 
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Anonymous

Guest
Apparently the investors/people were are not confident with GW's handling of the economy or the Feds-- DOW plunged 300 points again today right after opening--NASDAQ 80 points which was almost 4% :shock:

US Treasury Bonds are at the lowest they've been in the history of their existence..... :shock: :( :( :(
 

kolanuraven

Well-known member
I saw a poll this AM and I thought about all the so called " conservatives" on this site and their ' hands off' ideas about the gov't & the economy, let the market rule itself , etc .


The question was: Do you think that the gov't should do more to help out the economy?

Over 80% voted YES that the gov't should help out .
 

aplusmnt

Well-known member
MoGal said:
I am for tax cuts to anyone that pays taxes. Not unearned income people that get more back than they pay in though, that is welfare.

You don't think lowering the interest rate is welfare for wallstreet? Think again my friend.

.

Last time I looked at the welfare lines they were not full of people working 60 hours a week to provide for their families.

How is it that raising interest rates hurts the poor and causes them to loose their homes but no lowering interest rates is to help the rich on wallstreet.
 
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Anonymous

Guest
kolanuraven said:
I saw a poll this AM and I thought about all the so called " conservatives" on this site and their ' hands off' ideas about the gov't & the economy, let the market rule itself , etc .


The question was: Do you think that the gov't should do more to help out the economy?

Over 80% voted YES that the gov't should help out .

:lol: :lol: Ain't it the truth. There aren't many conservatives left in DC these days. Everyone wants to give government money to the voters. Even Romney, who claimes to be the businessman in the race, suggests the government should help out Detroit automakers. These days I guess any businessman worth his salt would try to get money from Uncle Sammie, though. This administration has been very generous with it to the Iraqi government, Sunni insurgents, big business. Everyone except the middle income American taxpayer.
 

Mike

Well-known member
ff said:
kolanuraven said:
I saw a poll this AM and I thought about all the so called " conservatives" on this site and their ' hands off' ideas about the gov't & the economy, let the market rule itself , etc .


The question was: Do you think that the gov't should do more to help out the economy?

Over 80% voted YES that the gov't should help out .

:lol: :lol: Ain't it the truth. There aren't many conservatives left in DC these days. Everyone wants to give government money to the voters. Even Romney, who claimes to be the businessman in the race, suggests the government should help out Detroit automakers. These days I guess any businessman worth his salt would try to get money from Uncle Sammie, though. This administration has been very generous with it to the Iraqi government, Sunni insurgents, big business. Everyone except the middle income American taxpayer.

We are already subsidizing foreign auto interests. Why not help the U.S. manufacturers? But get rid of the unions first.

How dare these voters wanting some of their own money back!
 
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