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January 19, 2008

House Discussions - Economic Stimulus

Economic Stimulus Needed?
A conference was held on January 10, 2008 at the Brookings Institution to discuss the economy. The gathering of economists and business leaders examined the state of the American economy and asked the question, "Are we close to a recession?" There are three major factors that could lead to a recession for the economy in 2008:
  1. Unemployment
  2. Oil Price Increases
  3. Housing and Subprime Loans

Economic Stimulus Proposals Divide Democrats
House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid face a split in their party’s ranks over the best medicine for a tired economy: tax cuts or more spending.

Pelosi Stresses Need to Avoid Harm With Stimulus Package
House Speaker Nancy Pelosi said Tuesday she hopes that congressional leaders and President Bush can reach a speedy agreement on an economic stimulus package and said the first rule of such a proposal will be to do no harm.

Rep. Rangel Vows Swift Accord with GOP on Economy
House Ways and Means Chairman Charles B. Rangel (D-N.Y.) vowed today to reach accord with congressional Republicans and President Bush over an economic stimulus package, even snubbing his presidential candidate, Hillary Rodham Clinton, in the interest of bipartisanship.

President's Radio Address (Audio)
Passing a new growth package is our most pressing economic priority. And when that is done, Congress must turn to the most important economic priority for our country -- making sure the tax relief now in place is not taken away from you.

President Bush Proposes Stimulus Package
President Bush suggested that the stimulus package should equal 1% of the economy or approximately $140 billion dollars. During December, the Senate Republicans and House Democrats conducted a strident battle over "pay-go" tax increases to pay for both AMT relief and the tax extenders. The result was passage of only AMT relief. House Ways and Means Chair Charles Rangel (D-NY) has now agreed to eliminate the pay-go requirement for a stimulus bill. He stated, "It's inconsistent to try to get money to consumers and talk about raising taxes at the same time. You just can't do it."

Bush, Bernanke Endorse Economic Stimulus Package
President Bush and Federal Reserve Chairman Ben S. Bernanke on Thursday endorsed the idea of an economic stimulus package to boost the flagging economy, as Bush began discussions with congressional leaders on the next steps.

Fed Chairman Backs Stimulus
Federal Reserve Chairman Ben S. Bernanke endorsed government efforts to stimulate the economy yesterday, as congressional leaders and the Bush administration moved closer to agreement on a plan.

Bush Calls for Economic Stimulus Package
Saying the nation's flagging economy urgently needs "a shot in the arm," President Bush called today for an economic stimulus package centered on tax rebates and incentives, but he declined to specify how large the rebate checks should be, leaving the matter up for negotiation with Congress.

GOP Leaders: Pro-Growth Policies Needed to Help Families and Small Businesses Feeling Squeezed by Rising Costs of Living
In their first news conference of 2008, House Republican leaders today discussed their constituents' growing view that Washington is broken. Pledging to work together to fix it on behalf of the American people, the leaders underscored the need for Congress to quickly craft a bipartisan economic growth package that does not raise taxes or spend billions on unrelated pork-barrel projects. House Republican Leader John Boehner (R-OH) and Republican Whip Roy Blunt (R-MO) will meet with House Speaker Nancy Pelosi (D-CA) later this afternoon to discuss their pro-growth priorities for an economic stimulus package.

Boehner Statement on Bipartisan Meeting to Discuss Economic Growth Package

Competing Economic Growth Plans Under Discussion
With growing concern about the threat of a recession this year, President Bush and Congressional leaders will be offering dueling “stimulus” packages.

Boehner Highlights Bipartisan Talks on Economic Growth Package, GOP Efforts on Earmark Reform
At his on-camera press briefing today, House Republican Leader John Boehner (R-OH) highlighted the ongoing discussion on an economic growth package, as well as the need to take tax hikes and wasteful spending increases off the table in that economic package.

Boehner Statement Following Today's Discussions on an Economic Growth Package
House Republican Leader John Boehner (R-OH) issued the following statement after discussing an economic growth package this afternoon with House Speaker Nancy Pelosi (D-CA) and other House leaders. Earlier in the day, Boehner and other congressional leaders participated in a similar bipartisan conversation with President Bush.

4 comments:

  1. Ah! This is the very essense of stupidity. The President's so-called stimulous plan is nothong than a warm-over of his absurd 2002 stimulous plan. It didn't work then and it won't work now. So why do it? The real purpose of the presidnet's plan is to give even more big tax breaks to wealthy corporations and the top five percent of earners in this country. None of these poeple need the money to entice them to invest; they have plenty already. The pittance that the plan would throw at the struggling middle class is only to divert our attention away from the details of this monsterous give-away. And guess who will both finance and benefit from it? You may have guessed it: the Chinese. Not only will they be loaning us the money and charging us interest for it, most of the profits for the things Americans are encouraged to by with their tax rebates will go to the Chinese, too. It's ludicrous.

    If the government wanted to stimulate the economy and help the middle class at the same time, they'd offer us this plan: Each American will get $2000. If a citizen chooses to invest the money into a U.S. corporation and hold those stocks for at least two years, he will not have to pay a long term capital gains tax for 10 years. Only start-up corporations and the venture capitalists who invest in them would get tax breaks. The uber-rich can rot. This would REALLY stimulate the economy and invest the middle class in the process.

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