House Passes Stimulus Package Without One Republican Vote
To continue our ongoing coverage of the stimulus package the House successfully passed the highly debated tax-and-spending bill but did so without one Republican vote. It seems that a surprise visit by the President alongside a cocktail party was not enough to sway any naysayers.
The official price tag for the House’s version of the stimulus package has come to $819 Billion, slightly less than the originally estimated $825 Billion.
From today’s WSJ:
The House passed an $819 billion tax-and-spending bill Wednesday, in a recession-fighting effort that would extend the reach of the federal government across the U.S. economy by reshaping policy on energy, education, health care and social programs.
The House bill is one of the largest single stimulus packages in history, almost equal to the entire cost of annual federal spending under Congress’s discretion. A parallel Senate measure, which is expected to come to a vote next week, is now valued at nearly $900 billion.
Either bill, if enacted, would push the federal debt toward levels not seen since the second World War.
And about that lack of Republican support:
The 244-188 vote was not what Mr. Obama had hoped for. A week of presidential wooing — including a visit to the Capitol, a return visit to the White House by moderate House Republicans and a bipartisan cocktail party Wednesday night — did not yield a single Republican vote. The president also lost 11 Democrats.
What I find humorous is the addition of what like to call, “just-because” extras. Both parties do this, and in the spotlight yesterday seems to be some pretty impressive causes. I mean, after all, they should stimulate the economy… right?
Also tucked inside is $335 million for programs that help prevent sexually transmitted diseases, and $50 million for the National Endowment for the Arts. The Senate version includes $70 million for a supercomputer at the National Oceanic and Atmospheric Administration and $75 million for smoking-cessation programs.
Let me say publicly that the staff of StockTradingToGo 100% supports a supercomputer.
The Wall Street Journal also included a nice chart visually showing how bad our budget deficit could end up being. Chart is included below and we will continue coverage mid next week once the Senate has its vote.
Click to EnlargeSource:
House Passes Stimulus Package
Jonathan Weisman, Greg Hitt, and Naftali Bendavid
WSJ, January 29th, 2009
http://online.wsj.com/article/SB123315486943524321.html
