More Last Minute Legislation: Economic Stimulus
by Adam Hughes*, 9/26/2008
The House Appropriations Committee is circulating this morning an economic stimulus proposal (summary and bill text) they hope will be debated by the full House later this afternoon (nothing like the last minute). Chairman David Obey (D-WI) writes about the need for this legislation in the summary:
84,000 Americans lost their jobs last month and the number of unemployed Americans is the highest it has been since 1992. The economy has lost jobs for eight straight months, with 605,000 American jobs lost this year.
Congress responded quickly to the White House's call for a financial rescue package. The White House should join Congress in putting together a solid package for Main Street. Today the House will take up legislation to boost our economy, create jobs, and help provide additional relief to families who are struggling.
The House stimulus package consists of blocks of spending on infrastructure (public housing, transit, schools, and water and sewer), energy development (electric grid modernization, advanced vehicle battery technology, and renewable energy development) and human needs (unemployment benefits extension, job training, health care, and food assistance). The full cost of the House package is reported to be around $50 billion or a bit more.
Of course, Obey (and others who have been calling for this type of package) are right. If Wall Street was not literally melting before our eyes, the quickly deteriorating economy would be the top issue in the news. As Andrew Samwick reminded us yesterday blogging over at Capital Gains and Games, traditional economic indicators are really not doing very well, with demand for workers and manufactured products decreasing.
The Senate is working on a similar package, and Majority Leader Reid (D-NV) and Appropriations Committee Chairman Robert Byrd (D-WV) have announced the Senate's will be $56.2 billion. The bill would "extend unemployment insurance benefits for seven weeks, address high food costs and energy prices, create jobs, promote education and job training, and aid small businesses." A detailed summary of the bill is available.
