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Obama's $825B Economic Stimulus Package Passes Vote in House
It looks as if Obama's $825 billion economic stimulus plan has quickly passed through the Democratic controlled U.S. House of Representatives.
The vote was decisively in favor of the package which totals $819 billion in direct and indirect economic stimulus, with the additional $6 billion going toward social assistance such as food stamps, unemployment assistance and health care programs to be handled on the state level.
The stimulus package includes $544 billion in federal spending and $275 billion in tax cuts for working class individuals and small business. The remaining funds will be spent on make work projects of similar scope and scale to those launched during the Great Depression as well as on strengthening the United States' badly neglected social safety net.
Moving with remarkable speed, the Democratic-controlled U.S. House of Representatives approved $819 billion in spending increases and tax cuts at the heart of President Barack Obama's economic recovery program.
A mere eight days after Inauguration Day, Speaker Nancy Pelosi heralded a new era.
"The ship of state is difficult to turn," said the California Democrat. "But that is what we must do. That is what President Obama called us to do in his inaugural address."
With unemployment at its highest level in a quarter-century, the banking industry wobbling despite the infusion of staggering sums of bailout money and states struggling with budget crises, Democrats said the legislation was desperately needed.
"Another week that we delay is another 100,000 or more people unemployed. I don't think we want that on our consciences," Rep. David Obey, D-Wis., chairman of the House Appropriations Committee and one of the leading architects of the legislation, said before the vote Wednesday.
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Most RecentMost Recommended Comments (8)
at 15:52 on January 28th, 2009
Thanks for this post!
Do you know how the vote was split? I was curious about how it worked out, since Obama spent so much time trying to bring the Republicans around to voting for it.
at 15:54 on January 28th, 2009
No I am not sure of the numbers yet but will be sure to update when they are released.
at 17:32 on January 28th, 2009
OK, we have money to ease the worries of all of us many americans, to stop this fall, I am happy with tears, To all of the big spending corporations out there laying off thousands of us middle class so you can buy another lavish vacation or jet airplanes please, your done, enough is enough, Mr President, along with my wish that my son and all of the american soldiers come home now, please do not allow any corporate big business company to purchase or have expensive jets or airplanes and expensive lavish vacations, big spending and ack like it is ok. Please make everyone accountable for this money they are given. Big pork belly spenders-Its time to get on the bus like the rest of us.
Mr. President, I know you have a hard job, you have gained the trust and respect because your talk is hopeful and positive. You remit positive energy, you give all of us hope, Your talkin the talk, keep up walkin the walk. Thank you
LTollestrup
An Accountant in Tacoma Washington
at 18:26 on January 28th, 2009
I don't necessarily oppose this but passing a bill that big in the first week is rushing ahead without checking out the dangers.
at 22:17 on January 28th, 2009
I am convinced this is going to be an even greater mistake then the melt down was and is.
at 10:21 on January 29th, 2009
To all of you whom think the President of the United States is acking to fast, without research, sounds like you do not have an understanding of economics and what has been going on for the last year, I do not claim to be a know it all, let me explain something from the way I see it:
The economy of the United States is in cardiac arrest, if something is not done as soon as possible, then we will be in a depression, millions of americans will be without jobs, within the next two weeks. Mothers Cookies has even gone out of business! the first bailout with President Bush was not strong enough, it was extremely conservative, it was only a political bandaid.
If this President does not ack fast, and this money does not go into the ecomony by the end of this week, we will be in a depression very shortly. The trickling of our dollar will be down the drain. The guarantee of these funds for their specific designations will stimulate the heart of america. It will stop the cardiac arrest. President Bushes plan was allowing for some pork bellie spending like the purchase of rum, to help the import/export trade businesses. That is not what america needs, america needs job stimulation, money for its schools, medical plans; etc. Money for the maintenance of each state, jobs for the economy of each state and its particular needs and growth.
You see, when the companies like exxon raised gas prices, gained profits from us middle class, drained our pockets, our credit cards, our bank accounts, and nothing was done to stop it, this was the first infection, this infection gained control with americans losing their jobs, losing their homes, because they were already hit with high gas prices, high food prices, high prices just to maintain their family needs. and now, well its in cardiac arrest because the american economy immune system is weak. Until some guarantees of money being piped into its veins, until some restrictions are placed on oil companies so they don't do what they did again, until some restictions are placed on corporate america from lavish spending, we will not be able to build america's immune system back to be something economically manageable.
Again, Mr. President, please put together a plan for each individual state to be accountable for the money they receive. Please do not allow corporate america to buy planes, lavish vacations, and big salaries. Corporate Bosses do not need such large salaries. Please put restrictions on the receivers of this money. Thank you
ltollestrup
at 14:57 on January 29th, 2009
OMG!!!!!
at 14:59 on January 29th, 2009
that's a really long speech you wrote up there, Laurie