House Passes $146 Billion Aide Package
Good news for the economy? Well if nothing else, most in the middle class will enjoy $300 to help them get out of debt assuming the senate passes the latest aide package.
The NY times reports:
The House vote was 385 to 35, with 169 Republicans joining 216 Democrats voting “yes.” Voting against the package were 10 Democrats and 25 Republicans.
The Senate plan, put forward by Senator Max Baucus, Democrat of Montana, the Finance Committee chairman, would cost $160.5 billion in 2008. After 10 years, the total cost would be somewhat lower at $151 billion, compared with $117 billion a year for the House plan. Both proposals include individual tax rebates and business tax incentives, and one-time payments for those who do not pay income taxes. The Senate plan also includes an extension of unemployment benefits.
House leaders complained that while their plan would deny tax rebates to the wealthiest earners, the Senate package would not have any caps, meaning that lawmakers themselves would qualify for payments.
The Senate has been arguing for the ability to add pork to the bill. Should they succeed, it will be safe to say that the President has utterly failed in his efforts to rescue the economy.
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