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Senate Democrats See Changes In Stimulus Plan (fewer tax cuts, more spending)
Reuters / New York Times ^ | January 11, 2009 | Eric Walsh

Posted on 01/11/2009 4:19:32 PM PST by reaganaut1

WASHINGTON (Reuters) - Senate Democrats said on Sunday President-elect Barack Obama's proposals to stimulate the economy would likely undergo big changes to address their concerns and ensure they will revive economic growth.

Obama's outline for an $800 billion stimulus plan called for 40 percent of it to be in the form of tax cuts, an effort to win over Republicans who have expressed concerns about major spending on infrastructure projects also in the package.

But Democrats complained that the $10 billion in energy tax breaks were not enough and also questioned whether a $1,000 tax cut for middle class workers and a $3,000 tax break for each new worker businesses hire would actually boost the economy.

The energy tax breaks will likely increase, possibly to as much as $25 billion, and changes may be in store for the other two tax breaks that were a source of Democratic concern, lawmakers said after meeting with Obama's economic advisers.

"There are significant changes already being put in place and being contemplated," Sen. John Kerry, a Massachusetts Democrat, told reporters. "I think it's moving in the right direction and I think we're making a lot of progress."

He said he believed the middle-class tax cut and job hiring credit would change.

It was the second meeting in four days between the Senate Democrats and Obama's incoming director of the National Economic Council Larry Summers and other advisers to hash out details of the economic stimulus plan.

Democrats went out of their way to praise the latest round of talks with Obama aides after initial criticism surfaced about the economic plan and prompted questions about whether the new president would have trouble getting his agenda through the Congress, which is controlled by members of his own party.

(Excerpt) Read more at nytimes.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: 111th; bhostimulus; democrats; senatedemocrats; stimulus; taxcuts; taxes
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To: FlingWingFlyer
Spend your way out of debt! LOL! Ya gotta love it!

Recently I ran across a liberal on a message board who, in defense of Obamas stimulus plan, insisted that we needed to spend money in order to save money.

He was dead serious.

21 posted on 01/11/2009 7:36:01 PM PST by lowbridge
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To: wxgesr

Make it “Homie America” and you’ve got PUSSHA. Which sounds a lot like what we’ll be saying after each Democratic pronouncement.


22 posted on 01/11/2009 7:39:51 PM PST by ArmstedFragg
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To: reaganaut1
But Democrats complained that the $10 billion in energy tax breaks were not enough and also questioned whether a $1,000 tax cut for middle class workers and a $3,000 tax break for each new worker businesses hire would actually boost the economy.

Headline: "Democrats oppose middle class tax cuts."

23 posted on 01/11/2009 7:42:17 PM PST by ArmstedFragg
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To: businessprofessor

They are real commies as real as any Bolshevik.
:::::::::::
Maybe, just maybe, it distills down to how long the people of this country will put up with it......


24 posted on 01/11/2009 7:45:45 PM PST by EagleUSA
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To: ArmstedFragg

“Make it “Homie America” and you’ve got PUSSHA. Which sounds a lot like what we’ll be saying after each Democratic pronouncement.”

I like it, but was going more for a Eric Cartman sounding vulgar remark.


25 posted on 01/11/2009 7:50:58 PM PST by wxgesr (I want to be the first person to surf on another planet!)
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