House Preparing $500 Billion Stimulus Bill For Obama

U.S. House of Representatives Speaker Nancy Pelosi met leading governors on Monday to discuss the size and shape of an economic stimulus package that one Democratic aide said was likely to cost around $500 billion.

The aide, who asked not to be identified, said the legislation would include a middle-class tax cut, billions of dollars for road, bridge and mass transit construction, expanded aid to states and investments in renewable energy.

Speaking to reporters earlier, Pelosi said she hoped the job-creating legislation, which she did not detail, would be ready for President-elect Barack Obama to sign when he takes office on Jan. 20.

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Comments

[Peter007]

The last stimulus program gave a maximum $600 per person or $1,200 per household. The new stimulus program could give each person $2,400 or $4,800 per household.... Or that money could go to state governments to help pay for promised pensions and road crews. ( politically connected). I , for one, don't need an extra $4,800. I'm doing ok. Most people don't need a check for $4,800. That money needs to go to the State Police pension fund which is down 20% this year.

[Peter007]

Congress LOVES a crisis. Other than spend money, what is there to do? Campaign for election funds? Getting a 20 to 200 million dollar earmark for your district is difficult during normal times. Someone might see it and expose you. During a crisis, when everyone is running around with their heads cut off, its SO easy to inject a 200 million or 1 billion dollar special program into the package. After all its a crisis. No one will has the political will to be a nit picker during times of crisis. Let the good times roll.!!! Party on Nancy !!!

[rollingdivision]

The economy has gone to hell by people overspending, getting loans they can't afford and cheap credit and the solution more of the same. Now if we all just keep borrowing and spending even more everything will be fixed. It's like telling a fat man to eat donuts to lose weight.

[lissak]

As young men, my uncles worked for the CCC during the depression, a work-relief program that was part of the New Deal. It kept food on the the table.

[Peter007]

There are two economic theories at work here. Redistribution of wealth or creation of wealth. The government can redistribute wealth as long as there is wealth to be gotten. It works in the short run. In the long run, only private business can create profits which is the definition of wealth. The CCC helps immediate needs at the cost of future returns. If I was out of work, I'd take the CCC job too.

[schatsie]

They need to include funding for the IRS to go after these crooks and turnover the IRS secret letters that gave billions of dollars in tax breaks to the rich and well connected....and funding to restore the SEC and expand the GAO to audit the DOD contracts that were awarded by the BUSHES and tie the contracts to the TAXES that should have been paid....

Remove tax breaks for corporate jets and corporate expenses.... these need to be audited.. NO MORE GOLDEN SHOWER CURTAINS...NO MORE GOURMET LUNCHES...

[DontJustFollow]

How much influence do you think Nancy can buy with $500 billion? I like PE Obama but he doesn't have a prayer against this lady.

[harriettubman]

This country does not need another stimulus package whatsoever. Keep the money and fire the people who made the bad decisions.

[Peter007]

This stimulus package is going to state governments. These are the people YOU elected.

[itisover]

obama is the only one left with no bailout package.

i really don't like pelosi. is she trying to destroy this country?

[electricflag]

All politicians are liars, cheats and thieves. Doesn't matter what side of the aisle. All they want is our money for their interests. I'm sure I'm not preaching to the choir here.

[sandiegoconservative]

That's change we can believe in.

Rather, the more things change, the more things stay the same.

[research]

A trillion of so invested in Wind and Solar will

completely revitalize the US economy.

[DontJustFollow]

so we can sit under our dim bulbs and shower in our luke warm water? if it was possible, private enterprise would have done it by now. Remember ethanol? It didn't pencil out when gas was $4.50 a gallon - a trillion will make a lot of scientists and investment bankers and politicians rich and that is all -

[research]

Read my profile for numbers and links.

Spend those trillions on energy, infrastructure, states, unemployed, facing foreclosure.

Order a trillion dollars in Wind turbines to install

200 GW !!!!!!!!!!!!!!! (600GW nameplate)

Don't ya think that would jump start the economy?

Cover appropriate roofs with a trillion dollars worth of Solar Cells:

Generate an Average of 125-500 GW !!!!!

Electricity sells for roughly 1$ per Watt per year.

100 to 500B$ per year.

10 or as little as 2 years. Only Maintenance cost, from then on for 20-40 years.

ROI of 100% to 500% over 20 years

Stop Copying Hoover, and start following FDR!

Giving these bailout to gambling banks will Force us into the Depression,

Just like the GOP conservatives want,

So they can "drown the US gov in a bathtub."

[Konnie]

what is needed is national single payer insurance. - that's long term.

short term: change the ellibility for medicare from 65 to 62 for currently employed workers
and now for anyone just downsized in this year - 2008, until they are re-hired with private
insurance.

i am here to state emphatically that there are millions of people only hanging on for the insurance.
they would retire, and create openings for millions of the unemployed.

it would take the insurance liability off the bottom lines of thousands of companies, not just the
auto industry.

[TheSecularist]

Read Senator Daschle's book, "Critical- What We Can Do about the Health-Care Crisis". It offers an innovative solution for affordable health care for all.

[DontJustFollow]

retire on what? I bet there are millions that will keep on working because the stock market crash has wiped them out -

[schatsie]

are you kidding me, I would start working part time in a New York minute if we had single payer.... I would spend time with my grandchildren since both parents are working like dogs and afraid for the future of their children...

The sooner we go single payer the better, savings is about 500 billion per year at 25%, but the consequences to the economy would be extreme and that is why
1. We need to allow drug importation from Canada as well as China.
2. We need to cover childrens healthcare immediately
3. We need to include the MILITARY under Medicare including spouses and children so we can track such things as AGENT ORANGE and GULF SYNDROME....

[Bjarni]

The political class is trying very hard to keep people blind to the fact that most of what they do is extremely short term, and often counter productive in the long run. You can never spend your way out of problems, you'll only be kicking the can down the street. And considering that the way things are going they will have borrowed/printed $10-15 Trillion before this mess is over with we will not be in a very good place with our dollar, let alone the risk of inflation.

[rkimball]

how will this next bailout be paid for, with our 401k?

[DontJustFollow]

WHAT 401K? Dodd and Frank wiped those out with their fannie/freddie debacle

[Mnemanth]

OMG. Here, Wall Street, and here Auto Industry, and here Big Oil- here's all the free hand out money you could ever possibly want. Gratis!
Now, what about those seething masses, these lowly workers? Hmmm... Oh, I know! We'll committ another $500 billion to promote putting them to work!
Now, get to work, masses, to pay for all this freaking money we're throwing around!
This is ridiculous! The printing press has got to run out of ink sometime!
Let's see... With a population of approx. 306 million, this latest $500 billion would split out to approx. $1634 for every man, woman, and child. Now, let's add up the rest of the freebies that Nancy and her ilk are handing out.
You want the economy fixed? You want it stimulated? Put my money back in my pocket to spend. What haven't you learned, Washington? Trickle-down doesn't work!
But then, I guess it's more a matter of keeping me sweating than really fixing problems.

[Chavez08]

Are you a slave?

[Mnemanth]

To the tax man, just like you. How do you suppose this is being paid for? Sure ain't coming from big business. According to them, they's broke!