The senate passed the economic stimulus plan today by a count of 81-16. Within mere hours, the House had passed the same bill by a vote of 380-34. President Bush will likely sign this bill into law as early as tomorrow or early next week.
The new stimulus plan adds some rebates for senior citizens and disabled veterans. The new bill will give $300 tax rebate checks to senior citizens, disabled veterans, and those who earn over $3,000 but do not pay income taxes.
The speed at which this bill was passed through congress speaks to the worry 
around Washington and the entire country about the American economy. Economic data figures continue to languish, and recently employment numbers have begun to sink, worrying economists greatly.
The senate clearly did some jockeying in these final few days, as Senate democrats fought hard to add unemployment benefit packages and heating aid packages to the bill. In the end those ideas were turned down and congress voted for this $170 billion plan, which will send out rebate checks to more than 130 million Americans.
Some economists believe that this plan will do more harm than good in the long run because of the impact it will have on the national deficit. Those voting against the plan today spoke to those deficit concerns and said that we must control spending in our government.
While economists and some in Washington will argue that this plan does more harm than good, I am sure that Americans will anxiously await these checks that they should receive sometime in late May or early June.
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We need to shape up and boost our economy, otherwise, the businesses of all the people in our country, as well as the everyday living standards of our people, wil be compromised. I support anything that would bring forth a boost in our economy.
Posted by: Jay, writer MemberSpeed.com | February 8, 2008 6:06 AM | Permalink to Comment