Hamilton, Madison, and Jay

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Location: Mesa, Arizona, United States

Who are we? We're a married couple who has a passion for politics and current events. That's what this site is about. If you read us, you know what we stand for.

Wednesday, February 11, 2009

Deal Reached in Stimulus Battle

This was rather quick. The bill was just barely passed yesterday, and supposedly the House and Senate have reached an agreement on the final stimulus bill though details have not yet been finalized:

Negotiators on Capitol Hill wrangling with reconciling the House and Senate versions of the stimulus package have come to an agreement on the top line figure for the recovery bill: $789.5-billion, Democratic and Congressional sources tell me and my colleague Rick Klein.

GOP sources say that negotiators are moving toward a deal but caution that it has not been finalized.

This is less than either the $838-billion passed by the Senate, or the $820-billion passed by the House. Committees have been told to get back to leadership with any problems meeting that figure by 11 am today.

The compromise scales back the tax credits for auto and home purchases and other tax cuts. It also restores some of the House education funding that the
Obama administration has called "crucial."

Just wonderful. They have scaled back the tax cuts, and put the education dollars back in. So the bulk of the pork spending is still in it, including the ACORN money, no doubt.

202-224-3121. Call up the GOP caucus and tell them to hold firm in the Senate. Urge Senator McConnell and Senator Kyl to keep the three RINOs in line this time. 202-225-4000. Call House Minority Leader, John Boehner, and tell him to keep his caucus in line. We do not want to see one Republican in either the House or Senate vote for this because they have not fixed anything in this bill. It is chock full of pork spending for special interests, increases money being paid to welfare recipients, gives more money to schools that do not need the money but rather reform at the state and local levels.

This bill will not help bring the economy back on track. Point-of-fact, if it passes, it will deepen this recession. When things do not turn around in the next year, or so, President Obama will claim that we did not spend enough fast enough. spending is not the right move in a severe recession. Cutting spending and cutting taxes is the prescription for turning around a weak economy. The meme being pushed by Democrats that tax cuts caused this economy to tank is pure fallacy.

The reason the economy went south is two-fold. the lack of oversight on Freddie and Fannie caused the housing bubble to pop, exposing a pattern of bad lending practices to people without the ability to maintain the mortgages they signed. In addition to this, we had a Congress that, for eight years, spent us into near bankruptcy with all of the excess pork spending that got rolled into appropriations bills that were necessary to keep the government running.

The blame for this mess lies at the feet of Congress, and here is Congress -- with this stimulus bill -- claiming they can fix the problem. That should give every citizen in America a moment of pause.

Marcie

1 Comments:

Blogger BobbyG said...

They will have to come back from more stimulus/recovery legislation. Probably fairly soon. Maybe there’s a role for the venture capital industry as one part of the mix.

http://bgladd.blogspot.com/2009/02/what-now.html

February 11, 2009 at 8:26 PM  

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