Schumer: Stimulus Bill Will Be Passed Next Week

WASHINGTON — A top Democratic senator predicts that an economic stimulus bill will pass Congress by the end of the coming week because the stakes are too high to let it fail.

Sen. Chuck Schumer of New York says there are only minor differences in the House and Senate versions of the economic stimulus package and that Democrats in the House and Senate and the three Republican senators supporting the effort all understand the need for a bill. He says the value of the bill after a compromise is reached would remain around $820 billion.

Alabama Republican Sen. Richard Shelby says he remains opposed to the stimulus measure. Shelby says the economy's biggest need is to straighten out the banking system, and until that's done, the economy is going to continue to struggle.

The lawmakers appeared Sunday on CNN's show "State of the Union."

Comments

[nogimmicks]

Mr Schumer, you supported the war over-spending that brought us into this crisis, didn't you? You supported the Mukasey appointment with Sen Feinstein, didn't you? After all that your support for this bill makes me question the bill.

[Rog49Thomas]

Well, it seems that President Neo's attempt at bipartisanship is working.

He's apparently gotten the vote of the Senior Republican Senator from New York.

[GJR227]

Hey, Chuck, how about referring to this as a jobs bill .... and get rid of the garbage Pelosi added to it.

[DonTampa58]

Can we throw Pelosi out with that garbage too?

[munki]

Not only adults... families... children... we are all affected...

DO SOMETHING! CAPITOL HILL!

WE KNOW GOP WILL NOT BE VOTED FOR UPCOMING ELECTION AS

GOP IS CAUSING US TO SUFFER...

[army193]

300,000,000 Americans with the right ideal...

[magibrotherhood]

Wall S.tree.t ran amouk due to some hands-off protectionism by a few high-placed politicians , esp. from N.Y.------

[usedtowander]

So, where can one find out just how much the Wall Street and Charlotte banking people gave to Schumer in the past 10 years?

Seriously, where can one find out that information?

And for the other Senators on the Banking and Finance Committees?
How about the members of the House Committees?

[magibrotherhood]

work`n on it--------

[tbirdalum]

I have one thing to say to Shelby. The only way to straighten out the banking system is to stop paying dipsh*ts the big salarys you pay them. To have brain drain, you first got to have a brain.

[ThatOne4Me]

Hey Chuckie Schumer: stop raising the cap on H1B Visas (foreign workers). It will be a great stimulus if we can hold on to our jobs versus giving them away to cheaper labor.

Shame on you Schumer.

[Fathoms]

817 Billion Dollars, split 58% spending, 42% tax cuts is a Blown Show. We don't have unlimited do-overs. Our creditors aren't going to put up with our stupidity forever. We have this golden opportunity to rescue the Middle-Class and end the National Debt. Either we get this turned around: 1 Trillion Dollars, 80% spending, 20% tax cuts, 50% of the 80% ($400 Billion) spent on converting America to an entirely Green Economy -or- we descend to being a Second Rate Nation. Wake-up! We're running out of options. 'Politics as Usual' are destroying our Nation. The Oil Economy has to be put down, or it will put America down. Garner the political will to save us now, or go down in history as the constituency that drove the final nail (I do mean crucifixion) into a once free and proud Nation.

P.S. I have an excellent addition to the stimulus package. It will create jobs, improve communications and transparency in government and magnitudinally improve cyber-security within our infrastructure. Convert every computer in the Federal system (including the misbegottenly crash-prone Congressional web-servers) over to Linux, Open BSD, or another, most appropriate for the application, form of Unix. The only systems that should be immune to the first wave of this conversion should be systems we are strategically or tactically dependent upon for National security. As the bulk of these are already Linux computers or clusters, this shouldn't impact the process in any significant manner.

[nomobull]

protest to your representatives so that is not how the final version looks like. you do remember that it will be tweaked again once passed.

[victoria38]

Ok fellow conservatives, I think we've come up with the question that the free spending Dems cannot answer...if 900 Billion in stimulus is good, why isn't 1.8 Trillion twice as good?? No answers from them yet...

Ask the question on every blog you can...watch'em scramble to answer why...

[MobilizerJ]

1.8 Trillion would be good. Some economist actually say that, like Krugman. This makes sense because in a year we would lose over 1 trillion in goods that we would normally would depend on as a country. 1.8 trillion would help stop the bleeding even more and change our direction to a healthy economy.

[Jigglypuff]

We're spending more than a trillion in Iraq and Afghanistan so, don't you think that the impending Greater-th­an-the-Gre­at-Depress­ion warrants a little investment in our own country and our own citizens?

[nomobull]

as soon as the free spending republicans you do remember all that money spent in Iraq-explain why its okay to waste money on an unnecessary war, but not on the economic health of AMERICA.

[nomobull]

the only ones scrambling are the gop trying to justify continuing the policies that got us where we are.and the only plan they have is tax cuts. as for the 1.8 trillion price tag who is arguing that point but we have to start somewhere.unless you have ideas about that you should not be patting yourself on the back for playing stupid gotcha games.

[swift goat pet for truth]

Jeez. do some homework.

See if you can follow this very OLD and WELL PUBLICIZED line of reasoning.

- The CBO estimates a loss of about $2 Tril in consumer spending, a combination of loss jobs and people hoarding cash.

- GDP growth can come from four places: 1) Consumer Spending (not happening); 2) Business Investment (not happening); 3) National Exports (US is net importer), or 4) Government Spending.

- A twist economic multiplier. The multiplier for tax refunds is about 0.9 to 1.2. People who get tax breaks do not always spend them, especially when they fear for their jobs. Temporary food stamps have a multiplier over 1.5, as does help to the state treasuries and extension of job benefits. If you are going into deficit, you might as well get the most bang for the buck.

- Loss of $2 Tril in consumer spending... How to make up the difference? About $1.8 Tril should be the right number. But, as we see, GOPers would, as usual, prefer to destroy the country.

-

[leftLibertarian]

I'm tired of bailing out poorly run financial firms run by over-paid criminals.

[victoria38]

Question to ponder...if a 900 Billion stimulus bill will create 3 million jobs, why not have a bill that's 1.8 Trillion and create 6 million jobs?? Or 2.7 Trillion and create 9 million jobs..?? Better yet why not raise the minimum wage to $25/hr?? That's $1000/wk...!! I just don't get it...as long as we own the printing presses and can turn out as much money as we want, why not make everyone prosperous.?? The Dems just aren't thinking outside the Beltway Box...please call, write and email them..

[ExRepublican]

ha-ha :-) So true. I've asked the same. But I came up with 2.8 Trillion Bazillion as my example.

One (of many) major problems is hidden in plain sight. As you pointed out above.

People really need to t-h-i-n-k this through.

It almost reminds me of Mrs. Jesus & her history - make it up as you go. It's just the American way.

[swift goat pet for truth]

Pondered, and answered.

Now if the questioner knew how to use the internet to find the answer.

[Irmanator]

You still pushing the inflation garbage? Credibility zero.

[Erdgeist]

New Rule: Let's not call this proposed bill a "stimulus bill", or a "spending bill". Hereafter it will be called an "investment bill".

[tompoe]

Why was Shelby on? Why wasn't a Democrat on? Who is explaining this bill to the public? PBS has Obama clip and immediately turns to Specter and Gregory? Corporate media needs to disappear. Oh, by the way, it has in my house. No more shows, no more frustration. It's a nice feeling to finally shift to the Internet, altogether.

[magibrotherhood]

msm is all spin,spin,­spin,spin,­spin,