BREAKING: Senate Reaches Tentative Agreement On Stimulus

The ride’s not over, but it appears as though we are at the very least coming to the end. Apparently, after much haggling, Senate Democrats and Republicans have come to a compromise, offering a watered down version of the original Senate Stimulus package, this one only totaling $780 Billion.

The funny thing is, if ever there was a time in which I would want to see the bill killed, now would be it. I’m not an economist, but the basis behind the stimulus package is not to save the government money, it’s to spend lots of money to jump start the economy.

Economists who are monitoring the Keynesian approach have already expressed worry that the original price tag of the package wasn’t big enough, now it’s even smaller.

On the other hand, this is not the final iteration of the package, and should this $780 billion bill pass, it still has to go to conference committee where some of the damage done by the senate to the bill can be undone.

Some points to keep in mind:

-Okay, compromise in the House on the stimpack was a little gratuitous, but it’s unfortunately necessary in the Senate to beat a filibuster.

-I don’t think there’s a point in whining over the specific programs cut from the stimpack, much like the family planning concession made earlier in the process, the President will in all likelihood come back to address those specific concerns on their own.

-It’s interesting that this is happening Friday night. I’m curious to see if they’ll actually try and pass it tonight when no one is looking, or shoot for Monday. It would be particularly interesting to see Wall Street’s reaction especially if the stimpack passage happens relatively early on Monday morning.

-For the obstructionist portion of the Republican party, they are going to have to rely upon one of two things for their political future; failure of the bill (God, why do you guys hate America so much?) or severe revisionist history.

-I wonder if President Obama is thinking, ‘man, after this economy thing runs its course, the rest of the time I’m president is going to feel easy.’ At least he’s getting the opportunity to weather some serious storms when much of the country is behind him.

2 Responses to “BREAKING: Senate Reaches Tentative Agreement On Stimulus”

  1. American Flyer says:

    Why is it that any time a bill helps the middle or lower class – Republicans all are against it? Yet, if a bill helps millionaires and Bankers (who steal from us), Republicans are for it.

    It boggles my mind why Republicans are for Outsourcing of all jobs from America, Republicans want no taxes, Republicans want the government to read their email/listen to their phones, Republicans don’t want an FDA or any protection from fraud, Republicans want every industry deregulated completely (we have seen what happens with Energy deregulation – Enron, Banking Deregulation (Countrywide, BofA, WAMU, etc) Hmmm, we’re batting 1.000 here

  2. Well, if we are being gracious and giving Republicans the benefit of the doubt, then it is because Republicans truly believe that the best way to help the lower and middle classes IS to help out big bidness.

    OR

    Being not quite so kind, we could say that Republicans are either evil or just really greedy pigs who look at government as only a vehicle to hook up their corporate cronies.

    OR

    And this is the cynical view, and in my opinion, the right one, they are looking for a shortcut out of the political wilderness by trying to make the Democrats, specifically the President, look bad.

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  1. Economic Illiteracy in Congress | Comments from Left Field - [...] Earlier today, Kyle wrote, in a post about the agreement reached in the Senate today: [...]

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