17,394
edits
Changes
Jump to navigation
Jump to search
Line 1:
Line 1: + + +
American Recovery and Reinvestment Act of 2009 (view source)
Revision as of 07:42, January 29, 2009
, 07:42, January 29, 2009add quotes
The '''Economic stimulus package''' is a 2009 bill by [[President Obama]] and the Democratic leadership to spend some $819 billion or more dollars to revive an ailing U.S. economy, battered by the [[Recession of 2008]]. It includes $275 billion in tax cuts, and the rest for spending on a very wide variety of projects.<ref> [http://www.nytimes.com/2009/01/29/us/politics/29assess.html?hp David M. Herszenhorn, "Stimulus Package’s Components Vary in Speed and Efficiency," ''New York Times'' Jan. 28, 2009]</ref>
The '''Economic stimulus package''' is a 2009 bill by [[President Obama]] and the Democratic leadership to spend some $819 billion or more dollars to revive an ailing U.S. economy, battered by the [[Recession of 2008]]. It includes $275 billion in tax cuts, and the rest for spending on a very wide variety of projects.<ref> [http://www.nytimes.com/2009/01/29/us/politics/29assess.html?hp David M. Herszenhorn, "Stimulus Package’s Components Vary in Speed and Efficiency," ''New York Times'' Jan. 28, 2009]</ref>
"The strategy under this bill is to throw billions of dollars in every bureaucratic direction, and cross our fingers and hope for the best," said Rep. Ken Calvert (R., Calif.) Wednesday during debate on the House floor. "We need to compare the cost of this package against the cost of doing nothing. The cost of nothing would be catastrophic," responed Rep. David Obey (D., Wis.), the chairman of the House Appropriations Committee.<ref> See [http://online.wsj.com/article/SB123315486943524321.html?mod=rss_Politics_And_Policy Jonathan Weisman, Greg Hitt And Naftali Bendavid, "House Passes Stimulus Package; $819 Billion Jolt to Economy Aims to Reshape Education, Health Care; Deficit to Soar," ''Wall Street Journal'' Jan. 29, 2009]</ref>
The White House claims that the stimulus package is aimed at preving the economy from collapsing and restoring it to normal. Conservative critics claims it will do little to help the economy and is filled with non-essential pork spending. The [[Congressional Budget Office]] says $347 billion more in interest will be the result, which brings the total plan over 1 [[trillion]] dollars. <ref>[http://www.foxnews.com/politics/2009/01/28/special-groups-line-piece-stimulus/ Special-Interest Groups Line Up for a Piece of Stimulus] Fox News, January 28, 2009</ref>
The White House claims that the stimulus package is aimed at preving the economy from collapsing and restoring it to normal. Conservative critics claims it will do little to help the economy and is filled with non-essential pork spending. The [[Congressional Budget Office]] says $347 billion more in interest will be the result, which brings the total plan over 1 [[trillion]] dollars. <ref>[http://www.foxnews.com/politics/2009/01/28/special-groups-line-piece-stimulus/ Special-Interest Groups Line Up for a Piece of Stimulus] Fox News, January 28, 2009</ref>