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#1
Read.

WASHINGTON – With job losses soaring nationwide, Senate Democrats reached agreement with key Republicans Friday night on an economic stimulus measure at the heart of President Barack Obama's plan for combatting the worst recession in decades. "The American people want us to work together. They don't want to see us dividing along partisan lines on the most serious crisis confronting our country," said Sen. Susan Collins of Maine, one of two GOP senators who signaled support for the bill. Officials put the cost of the measure at $780 billion in tax cuts and new spending combined. No details were immediately available, and there appeared to be some confusion even among senators about the price tag as floor debate continued late into the night. The agreement capped a tense day of backroom negotiations in which Senate Majority Leader Harry Reid, joined by White House chief of staff Rahm Emanuel, sought to attract the support of enough Republicans to give the measure the needed 60-vote majority. In addition to Collins, Sen. Arlen Specter, R-Pa., said he would vote for the bill. Sen. Olympia Snowe, R-Maine, remained uncommitted. Democrat Edward M. Kennedy, who is battling a brain tumor, arrived in Washington in case his vote turned out to be needed. The Massachusetts senator has been in Florida in recent days and has not been in the Capitol since suffering a seizure on Inauguration Day more than two weeks ago. Democrats hold a 58-41 majority in the Senate, including two independents, but it takes 60 votes to pass the stimulus bill because it would raise the federal deficit. At $780 billion, the legislation would be smaller than the measure that cleared the House on a party-line vote last week. It also would mean a sharp cut from the version that has been the subject of Senate debate for a week. That measure stood at $937 billion. Beyond the numbers, though, any agreement would mark a victory for the new president and would keep Democratic leaders on track to fulfill their promise of delivering him a bill to sign by the end of next week. Obama said further delay would be "inexcusable and irresponsible" given Friday's worst monthly unemployment report in a generation — 598,000 jobs lost in January and the national unemployment rate rising to 7.6 percent. And late Friday, federal regulators announced the closures of two banks, First Bank Financial Services in Georgia and Alliance Bank in California, the seventh and eight failures this year of federally insured banks. "The world is waiting to see what we're going to do in the next 24 hours," said Reid who has spent much of the week trying to balance demands among moderates in both parties against pressure for a larger bill from liberals in his own rank and file. By midday, the majority leader had spoken once with Obama by phone and five times with Emanuel. He met with Collins and Specter as well as Sen. Ben Nelson, a conservative Nebraska Democrat who had long advocated cuts in the House-passed bill. "We're clearly not there yet," Collins said at one point. She spoke with Obama at the White House earlier in the week, though, and told reporters as she shuttled between meetings in the Capitol, "I'm still hopeful that we can achieve a compromise because the stakes are high and the goal is important." One Republican-proposed document that circulated earlier called for cuts of $60 billion from money Democrats want to send to the states. That money is targeted to avoid budget cuts for schools as well as law enforcement and other programs. Talk of cuts in proposed education funds triggered a counterattack from advocates of school spending as well as unhappiness among Democrats. One, Sen. Carl Levin of Michigan, told reporters he and others hoped that some of the funds on the chopping block would be restored next week when negotiations open on a House-Senate compromise. At its core, the legislation is designed to ease the worst economic recession in generations, and combines hundreds of billions of dollars in new spending with tax cuts. Much of the money would go for victims of the recession in the form of food stamps, unemployment compensation and health care. There are funds, as well, for construction of highways and bridges. But the administration also decided to use the bill to make a down payment on key domestic initiatives, including creation of a new health technology industry and so-called green jobs designed to make the country less dependent on imported oil. And Democrats in Congress decided to add additional huge sums for the states struggling with the recession, as well as billions more for favored programs such as parks, the repair of monuments in federal cemeteries, health and science research and more. With Obama enjoying post-inauguration support in the polls and the economy shrinking, Democratic leaders in Congress have confidently predicted they would have a bill to the president's desk by mid-February. But Republicans, freed of the need to defend former President George W. Bush's policies, have pivoted quickly to criticize the bill for its size and what they consider wasteful spending. The entire Republican rank and file voted against the measure in the House, effectively prodding senators to take up the same cause. In the intervening days, Republicans have appeared to catch the administration and its allies off-guard, holding up relatively small items for ridicule and routinely seizing on comments from Democrats critical of the House-passed bill. At the same time, they have stressed a desire to help the economy but have said they prefer tax cuts and spending that would have a more immediate impact on job creation. Privately, Democrats in Congress have been critical of Obama and his aides for failing to counter the Republicans more effectively. In recent days, the president has sharpened his rhetoric against unnamed critics of the bill whom he accused of trying to re-establish the "failed policies" of the past eight years. As Reid struggled to nail down the necessary votes, the White House announced Obama would travel to Florida and Indiana next week to campaign for a stimulus measure. Both states have Republican senators. The president also is scheduled to hold a prime-time news conference on Monday where questions about the economy are likely to dominate. Despite the struggle, some Republicans seemed to sense the White House would ultimately prevail, and sought political mileage. Obama "could have had a very, very impressive victory early on," said Sen. John Cornyn of Texas, who heads the Senate Republican campaign committee. "But this is not turning out to be an impressive victory. it is turning out to be a little bit of a black eye." ___ Associated Press writers Andrew Taylor, Erica Werner, Julie Hirschfeld Davis, Liz Sidoti and Stephen Ohlemacher contributed to this story.


How should I feel? I'm not sure...

Edit - tl:dr - Senate has agreed on a 780,000,000,000 stimulus package, but how does this affect everyday Americans?
Last edited by Comrade Curry at Feb 6, 2009,
#2
You should've had a V8
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#12
trickle down economics, like they are using, take to long to take effect, hence the trickle in its name, they only want to help big companys but forget about small and medium sized businesses, like my dad runs
#13
because spending 3/4 of a trillion dollars when the country is already in serious debt, on the verge of a 2nd great depression makes perfect sense. god bless harry reid and his pals.
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#14
that wall of text causes more problems than the berlin wall
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#15
I bet you guys can't wait until your children grow up harbouring trillions of dollars in debt that they had nothing to do with.

If people are smart they will revolt. These billion dollar stimulus packages are a joke.
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There is no point except party and be healthy and happy. Also money is not something to live for. If i didnt need money for drugs and beer i would give mine away.


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#16

Sorry, there ain't no way i'm reading that mother****er.
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this post has aids
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and 07'ers will always be well-respected members of UG society.
#17
Quote by Rogue Hermit
because spending 3/4 of a trillion dollars when the country is already in serious debt, on the verge of a 2nd great depression makes perfect sense. god bless harry reid and his pals.

Yes because spending 100s of billions on war is totally worth it.

This is an economic stimulus plan. Just by the title you should be able to understand that its supposed to help the economy so we can get more money. Unless you think of a better way to clean up Bushs deficit the only way to do it is to spend more money (that will need to be borrowed, of course)
#18
Quote by aaronob
Yes because spending 100s of billions on war is totally worth it.

This is an economic stimulus plan. Just by the title you should be able to understand that its supposed to help the economy so we can get more money. Unless you think of a better way to clean up Bushs deficit the only way to do it is to spend more money (that will need to be borrowed, of course)


Legalizing cannabis would bring us out of the recession....


....but it'll never happen.


Anyways, I think that if the Obama administration can actually do some good with the money, let em' have it. As a Libertarian I'm normally against the pseudo-socialist dealings of the Democratic Party but ATM I can't see any way of getting out of this hole we're in without spending a shit-ton of money and/or legalizing cannabis, and we all know which one of those the government is most prone to doing....
Knowledge speaks, but wisdom listens.

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Last edited by dudetheman at Feb 6, 2009,
#19
I doubt that anyone on this board has a better understanding of the U.S. economy than the ENTIRE SENATE (including economists and advisors).
PPPPPPPOSTFINDER
#20
Quote by breadstick
I doubt that anyone on this board has a better understanding of the U.S. economy than the ENTIRE SENATE (including economists and advisors).

Yeah I mean they've only managed to fvck things up huge.But I guess on your side of the fence it could be World War 3 or something.... right?
Quote by red18420
There is no point except party and be healthy and happy. Also money is not something to live for. If i didnt need money for drugs and beer i would give mine away.


Vote here to help me get to BC!
#21
Quote by metaldud536
Took me like 30 damn seconds to scroll down.

Wasting our precious screen space! We could have had porn there!
#22
Quote by aaronob
Yes because spending 100s of billions on war is totally worth it.

This is an economic stimulus plan. Just by the title you should be able to understand that its supposed to help the economy so we can get more money. Unless you think of a better way to clean up Bushs deficit the only way to do it is to spend more money (that will need to be borrowed, of course)


well, so far the obama administration's spending has exceeded that of the bush administration. off to a good start!
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#23
Quote by dudetheman
Legalizing cannabis would bring us out the recession....


....but it'll never happen.


Anyways, I think that if the Obama administration can actually do some good with the money, let em' have it. As a Libertarian I'm normally against the pseudo-socialist dealings of the Democratic Party but ATM I can't see any way of getting out of this hole we're in without spending a shit-ton of money and/or legalizing cannabis, and we all know which one of those the government is most prone to doing....


it's funny, because it shouldn't be the government spending the money. it'll come back to bite us in the asses. the only way to come out of a recession is for the consumers to spend money to support the failing businesses. a lassaiz-faire government has served us fine in the past. let's keep it that way.
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#24
Quote by dudetheman
Legalizing cannabis would bring us out the recession....


....but it'll never happen.


Anyways, I think that if the Obama administration can actually do some good with the money, let em' have it. As a Libertarian I'm normally against the pseudo-socialist dealings of the Democratic Party but ATM I can't see any way of getting out of this hole we're in without spending a shit-ton of money and/or legalizing cannabis, and we all know which one of those the government is most prone to doing....


I completely agree with this statement. It even helps you write crazy guitar solos.
Cannabis FTW!!!
#25
Quote by Rogue Hermit
it's funny, because it shouldn't be the government spending the money. it'll come back to bite us in the asses. the only way to come out of a recession is for the consumers to spend money to support the failing businesses. a lassaiz-faire government has served us fine in the past. let's keep it that way.


I would (normally) agree with you but in these times, I can't.

People don't have money to spend and that's that. I would love to go out and buy a new car, gold-plated shoes and cable internet but we just don't have that kind of money. I have to settle for my old 89 Ford Escort, ragged New Balances and DSL. Ninety percent of people I know are in the same situation.

Being the undying capitalist that I am it takes a lot for me to say this but it's going to take money that we don't have to get us out of this recession.

EDIT: As far as lassaiz faire treating us right: I agree completely. Lassaiz faire is the economic policy that our founding fathers intended but sadly our government has gone astray in the past. If we had stuck to it like we should have and not made so many bad decisions on it's behalf in the 1920's then I don't believe we would be having the problems that we are ATM.
Knowledge speaks, but wisdom listens.

When the power of love overcomes the love of power the world will know peace.


-Jimi Hendrix-

Quote by CodySG
You know you're in the drug thread when you see pictures of squash and "tuna nigga!" when you click the page.
Last edited by dudetheman at Feb 6, 2009,
#26
Quote by Rogue Hermit
well, so far the obama administration's spending has exceeded that of the bush administration. off to a good start!

Yes..... but if it fixes the economy there should be no problem getting that money back.

If you have a better idea to get rid of the deficit please share, Mr Smarty pants.
#27
Quote by aaronob
Yes..... but if it fixes the economy there should be no problem getting that money back.

If you have a better idea to get rid of the deficit please share, Mr Smarty pants.


well, i have a feeling you'll be changing your tune when this $780 billion bailout falls flat on its face and worsens the current state.
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#29
Quote by Stoner0405
Explain?





Seriously?

When you introduce a totally new industry into Capitalism it causes a boom. Can you imagine the people out there who would profit from it's legalization?

Imagine the economic spike when all the head shops in the world start actually SELLING weed. Imagine all the corporate research that would be put into refining, packaging, promoting, and selling cheebah.

Not to mention the industrial uses of hemp. (paper, rope, clothing, food, etc.)

Icing on the cake: Imagine the government tax profit.
Knowledge speaks, but wisdom listens.

When the power of love overcomes the love of power the world will know peace.


-Jimi Hendrix-

Quote by CodySG
You know you're in the drug thread when you see pictures of squash and "tuna nigga!" when you click the page.
#30
Quote by dudetheman



Seriously?

When you introduce a totally new industry into Capitalism it causes a boom. Can you imagine the people out there who would profit from it's legalization?

Imagine the economic spike when all the head shops in the world start actually SELLING weed. Imagine all the corporate research that would be put into refining, packaging, promoting, and selling cheebah.

Not to mention the industrial uses of hemp. (paper, rope, clothing, food, etc.)

Icing on the cake: Imagine the government tax profit.


This is the theory I had in mind I just wanted to see you elaborate on it. Cannabis is already one of the top cash crops in America but unfortunately none of that money is going where it needs to be.
#31
tl;dr
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..
HOLY HELL.

nice discovery, sir.


--------------------------------------------------------------------------------
Last edited by coryklok : Today at 01:10 PM.
#32
Quote by aaronob
Yes..... but if it fixes the economy there should be no problem getting that money back.

If you have a better idea to get rid of the deficit please share, Mr Smarty pants.


what about giving money to small and medium sized businesses? My dad lost $80,000 in the last 2 months because of people going bankrupt on him I think this will be a better idea giving money to the people instead of some corparte CEO who thinks hes better than everyone else because he drives a mercedes or a BMW
#33
Quote by therealtater
what about giving money to small and medium sized businesses? My dad lost $80,000 in the last 2 months because of people going bankrupt on him I think this will be a better idea giving money to the people instead of some corparte CEO who thinks hes better than everyone else because he drives a mercedes or a BMW

Why business owners? That doesnt solve anything. The thing that runs the economy are the consumers. And consumers cant buy if they have no money. Yeah, business owners wouldnt be so poor. But that doesnt help everyone else out. They dont have the money to spend.
#34
UG needs David Hasselfoff to help rid this wall...

NOTHING HURTS BATMAN!

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#35
Did this have anything to do with China? Cause, damn that's one Great Wall of Text you have there.


Man, that sounded like a cheesy pick-up line.
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#36
Quote by therealtater
trickle down economics, like they are using, take to long to take effect, hence the trickle in its name, they only want to help big companys but forget about small and medium sized businesses, like my dad runs


And during the Great Depression trickle down economics was tried by Hoover, and it worked like ****. Basically the rich got a lot richer, while the poor and middle class got a small amount more, but not enough to change anything.
#37
The government should give me $750 billion. I'd spend every penny of it in 3 days. Then I'd have a crap load of stuff, businesses all over would have made money, and I'd be a hero.

Problem ****ing solved.
#38
Quote by I Poke Badgers
The government should give me $750 billion. I'd spend every penny of it in 3 days. Then I'd have a crap load of stuff, businesses all over would have made money, and I'd be a hero.

Problem ****ing solved.

If only it were that easy.

*sigh*
#39
Quote by aaronob
If only it were that easy.

*sigh*



Fine, plan B.

A group of highly trained Army Rangers take over the capital, and take Obama from his seat of power, change the country's name to like, The United States Built Upon Africans and Chinese (USBUAC), then put Obama in charge of that. BAM! new country, no debts.
#40
Quote by aaronob
Why business owners? That doesnt solve anything. The thing that runs the economy are the consumers. And consumers cant buy if they have no money. Yeah, business owners wouldnt be so poor. But that doesnt help everyone else out. They dont have the money to spend.


they are giving it to business owners now, but they have enough money to get by on and they go and blow it on jets and stuff like that
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