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NEWS ABOUT: economic stimulus package

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Big Biz Slams 'Buy American' Stimulus Clause

Exporters warn of foreign backlash if package erects free-trade barriers

(Newser) - American exporters are fighting to ditch "Buy American" provisions from the economic stimulus package, the Washington Post reports. The House version bars most foreign iron and steel from stimulus projects, while a Senate version calls for only American-made equipment and goods to be used in nearly all projects to... More »

GOP Stimulus Stonewall Spells Trouble for Prez

Obama team surprised by unified Republican opposition in House

(Newser) - Barack Obama's failure to snag a single vote from House Republicans for his economic stimulus package underlines the tough task the president faces in winning bipartisan support for his plan, notes Politico. Obama aides were surprised by the vote but expressed confidence that some Republicans will eventually come around. More »

House Passes Stimulus; No Republicans Back It

(Newser) - The House this evening passed President Obama's $819 billion stimulus plan on a party-line vote of 244-188, CNN reports. In a potentially troubling sign for the president, no Republicans voted to back the plan, which calls for $544 billion in spending and $275 billion in tax cuts. Eleven Democrats also... More »

After Stimulus Vote, Happy Hour's at the White House

Obama invites lawmakers for cocktails

(Newser) - A little liquor can buy a lot of goodwill. At least, that’s what President Obama is hoping—he’s invited key lawmakers to the White House for cocktails after the House votes this evening on the stimulus package, the New York Post reports. Keeping with Obama’s keenly diplomatic... More »

Ahead of Vote, Obama Makes Plea for Stimulus

Urges 'bold, swift' action, promises transparency

(Newser) - President Obama made one final pitch for his stimulus package ahead of the House vote on the bill later today. After an introduction from a pair of CEOs, Obama took the stage to urge “bold and swift” action. He said he understood skepticism about the “size and scale”... More »

Don't Dodge Recession: The Case Against Stimulus

Legislation props up the weak, blows up debt

(Newser) - There’s a near-consensus in DC that the recession calls for major government action. But on the libertarian fringe is what Politico calls “the Do Nothing Crowd.” This group tends to think there's no alternative to letting the economy, which became "filled with phantom wealth," contract,... More »

$150B Stimulus to Double Education Budget

$150B spending expected to permanently expand government's role in education

(Newser) - The stimulus plan before Congress today more than doubles the Department of Education's budget, reports the New York Times. An unprecedented extra $150 billion in federal aid would provide funds for nearly every aspect of education, from school construction to college grants. Opponents and backers alike agree that the injection... More »

Amended Stimulus Plan Hits House Today

Bipartisan consensus thought unlikely despite Obama efforts to woo GOP

(Newser) - Barack Obama's economic stimulus plan hits the House floor today after tweaks aimed at assuaging conservatives on both sides of the aisle, Politico reports. Many critics remained wary of the package, but some—including the top Republican on the Senate Budget Committee—appeared swayed by Obama's argument that the plan... More »

House GOP Pounces on Visiting Obama

President 'all form—not substance' on stimulus, one lawmaker says

(Newser) - President Obama’s visit with House Republicans on Capitol Hill today, intended as an olive branch, instead turned into a forum for grievances about Obama’s stimulus proposals, Politico reports. The GOP is steadfast in its push for more tax cuts, but Obama isn’t budging, either. “Feel free... More »

Both Sides Wary of Blowback Over Stimulus

Obama, Dems want GOP buy-in, Repubs seek constraints

(Newser) - As President Obama and congressional Republicans fight over the outline of an economic stimulus package, each side is wary of catching blame for a botched effort, reports the San Francisco Chronicle. Obama can’t guarantee the $825 billion plan will actually work and seeks public GOP buy-in; Republicans want to... More »

Boehner Rejects Stimulus as Obama Heads to Hill

Minority whip gets in line ahead of tomorrow's vote

(Newser) - President Obama is headed to the Capitol today to chat up House Republicans on the stimulus bill, but they may be tough to sway: House Republican Leader John Boehner has told them to vote against Obama’s pet package tomorrow, Politico reports. Minority whip Eric Cantor seconded the motion in... More »

McCain: I Won't Back Stimulus as Is

Cites partisanship, waste; Pelosi, Schumer say it's bipartisan

(Newser) - John McCain told Fox News Sunday that he wouldn’t back the stimulus bill as written by House Dems because it’s full of wasteful spending and includes little GOP input, Politico reports. House Speaker Nancy Pelosi, on ABC’s This Week, and Sen. Chuck Schumer, also on Fox, disagreed,... More »

Obama: Stimulus Isn't Just a Short-Term Fix

He lays out long-term benefits of his plan

(Newser) - In a bid to build popular support, President Obama revealed more details of his economic stimulus plan today, as debate between Democrats and Republicans in Congress over the package raged on, the New York Times reports. Obama painted the measure as an investment in the country’s future, not just... More »

Obama Tells GOP Foes on Stimulus: 'I Won'

(Newser) - President Obama listened to Republican gripes about his stimulus plan today, then calmly reminded them that "I won," Politico reports. The GOP is seeking more middle-class tax cuts, among other things, and says the spending package is too large. Further negotiations are planned, but Dems appear to be... More »

GOP Balks at Stimulus Plan

Republicans, Democrats trade charges of under-the-table partisanship

(Newser) - The $825 billion stimulus plan before Congress has hit a wall of Republican objections despite the president's call for bipartisan unity, reports the Washington Post. GOP lawmakers charge that Democrats have shut them out of the decision-making process and that the plan pours cash into Democratic agenda items like arts... More »

Tsunami in Medicaid Need Batters Broke States

Demand from newly unemployed leaves states looking to stimulus package for help

(Newser) - A surge in demand for Medicaid is draining state coffers just when they can least afford it, a New York Times survey of 40 states reveals. Demand ballooned by up to 10% in many states last year as people lost their employer-sponsored health care with their jobs, and officials believe... More »

Financials Kick Dow Up 279

Stocks rebound after dismal Inauguration Day

(Newser) - A rebound in the financial sector today and qualified confidence in President Obama’s stimulus plan drove stocks to recover some of yesterday’s large losses, MarketWatch reports. The Dow gained 279.01 to close at 8,228.10. The Nasdaq added 66.21, closing at 1,507.07, and... More »

Geithner Confirmation Expected

Committee grills Treasury nominee on taxes, but session lasts just four hours

(Newser) - Members of the Senate Finance Committee reprimanded Timothy Geithner today for not paying $40,000 in taxes, but appeared ready to recommend the full Senate confirm him as Treasury Secretary despite his financial infractions, Roll Call reports. “I apologize for putting you in the position where you had to... More »

After 77 Years, GM Cedes Sales Crown to Toyota

Both automakers post drops, but Japanese firm sells more worldwide than US giant

(Newser) - General Motors’ 77-year reign as the world’s top-selling automaker ended in 2008, the Detroit Free Press reports, overtaken at last by Toyota. The troubled US giant announced today its sales dropped 11% for the year, to 8.35 million vehicles; Toyota, despite a 4% dip, sold 8.97 million... More »

Obama Gives Lawmakers on Both Sides More Say

New prez wooing votes for economic plans

(Newser) - So far, Barack Obama’s line about disagreeing without being disagreeable isn’t just lip service. The Wall Street Journal reports that the president-elect and his team have been talking in good faith with members of Congress—including Republicans—about economic policy. Says one senator whom they unsuccessfully lobbied to... More »

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