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NEWS ABOUT: economic stimulus package

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With Economy Uncertain, So Is Obama's Plan

Presidential hopeful's top priorities would cost hundreds of billions

(Newser) - Presumptive Democratic presidential nominee Barack Obama promises change, but if he’s elected in the current uncertain economy, those changes may come later rather than sooner, the Wall Street Journal reports. Obama’s big economic priorities–government-sponsored health care for millions, greenhouse-gas reductions, and tax increases—leave the government with... More »

Obama Calls for $1,000 Rebates to Pay Energy Bills

Candidate says 'Big Oil' can help foot the cost

(Newser) - Barack Obama unvield an "emergency" plan for the economy today that includes $1,000 rebates for families or $500 for individuals to defray rising energy costs, Politico reports. The money would come in part from "windfall profits from Big Oil," the campaign says. Obama would pump another... More »

Stimulus' Boost Seen; How Long It Lasts Unsure

Economists debate impact, as inflation outpaces wage growth

(Newser) - The government's stimulus package has worked—for now at least, the New York Times reports. Spending rose 0.4% last month, the Commerce Department said today, buoyed by the $50 billion in checks sent to consumers. But subtract the stimulus, and income levels rose only modestly, and wage growth lagged... More »

Millions Skip Filing for Stimulus

IRS struggling to keep up

(Newser) - Roughly 5 million people who qualify for a stimulus check could be out of luck because they haven't filed a tax return, CNN reports, and the IRS is scrambling to let them know. These un-stimulated masses consist mostly of seniors and veterans who don’t normally file returns. “I... More »

McCain, Obama Outline Dueling Economic Plans

Candidates differ sharply on how to get economy rolling again

(Newser) - John McCain and Barack Obama drew clear battle lines yesterday over a central election issue—the sputtering economy. McCain promised to boost the economy with tax cuts and reduced regulation, while Obama set out a strategy to help the hard-hit poor and raise taxes on the rich, reports the Washington ... More »

Rebate Checks Go to Gas, Food, Looming Debt

Extravagant spending sprees at the mall? Not so much

(Newser) - Rather than the gluttonous splurge on flat-screen TVs and foreign vacations that Uncle Sam had envisioned, most Americans are plunking their rebate checks down on exorbitant gas and food costs--and their mounting debt. “The initial sense is that people are not running out the malls,” one economist told... More »

Recession Fears Overblown: Economists

Fed's actions key strong economic reports, signs of market recovery

(Newser) - A growing number of economists are saying, cautiously, that the US might have pulled back from the brink of recession, the Wall Street Journal reports. The experts credit swift action by the Federal Reserve to lower interest rates and save Bear Stearns in March, and even the ongoing distribution of... More »

No Rebates for Immigrant Taxpayers—or Yank Spouses

Caught in rules designed to cut illegal immigrants

(Newser) - Hundreds of thousands of legal, taxpaying immigrants and their Americans spouses are among the unhappy few who won’t be getting a tax rebate check, AP reports. Taxpayers need a Social Security number to qualify—a rule intended to carve out illegal immigrants. Also inadvertently cut from the benefit are... More »

Will Tax Rebates Boost Economy? Test Starts Today

The government has begun sending out the first cash

(Newser) - The first tax rebates designed to kick-start the economy should begin arriving in bank accounts today. The Treasury Department has begun sending electronic rebates to nearly 8 million people by the end of this week, and some 130 million checks will go out via snail mail in May. President Bush... More »

Bush Sees Rebate Checks Offsetting 'Slowdown'

Stimulus package hits home(s) next week

(Newser) - Again steering clear of the R-word, President Bush said today that the tax rebates scheduled to be distributed starting next week will "give our economy a boost to help us pull out of this economic slowdown," Bloomberg reports. More »

First Tax Rebates Go Out Monday

Paulson happy to be ahead of schedule

(Newser) - Treasury is putting its rebate money where its mouth is—ahead of schedule, Reuters reports, with the first wave of checks going out Monday. “We're a little bit ahead of schedule, so we will start right on Monday with direct deposits," Henry Paulson tells Reuters. The Treasury secretary... More »

Clintonites: Obama's Copying Us

Hillary says opponent's pilfering all her best ideas

(Newser) - Hillary Clinton's campaign is fuming at what it perceives as Barack Obama's plagiarism of its policy ideas, the Chicago Tribune reports. "I came up with that a year ago,” Clinton said of the stimulus package her rival is boosting. Obama's formula, her advisers argue, is glomming onto a... More »

Housing Bill Loaded with Corporate Tax Breaks

But little to prevent foreclosures

(Newser) - The bill was rushed through the Senate to come to the aid of homeowners facing foreclosure, but it turns out that some of its biggest beneficiaries are automakers, airlines and energy producers. The Senate’s housing bill is packed with billions in corporate tax cuts, the New York Times reports.... More »

McCain Pitches 'Gas Tax Holiday,' Drug, Pork Limits

Candidate lays out slate of economic initiatives

(Newser) - John McCain used a tax day appearance to propose a summer “gas tax holiday,” calling his plan to suspend the 18-cent levy “an immediate economic stimulus.” Among other economic initiatives the candidate outlined today were upping prescription drug premiums for wealthy retirees, declaring a moratorium on... More »

Congress Cashes In on Subprime Lobby

Campaign donations from housing, financial industries skyrocket

(Newser) - The subprime crisis isn’t bad for everyone: congressmen and lobbying firms are doing great, Politico reports. Industries caught in the crunch have drastically scaled up their campaign contributions, and dozens of new lobbying firms have sprung up to cash in. Securities and investment PACs, for example, have already given... More »

Dems Push New Aid Package as Job Market Swoons

Economists say any doubt we're in recession is gone

(Newser) - Democrats are calling for another stimulus package to help American workers as unemployment soars, the New York Times reports. Almost 250,000 American jobs have been lost since the beginning of the year—including 80,000 in March—leading one policy expert to say it's time the government switched focus... More »

Bernanke: Adjustment Is Mostly Over

But admits economy could contract, possibility of recession

(Newser) - Ben Bernanke for the first time acknowledged the possibility of a US recession, but he also voiced optimism that “much” of the adjustment period was over, the Wall Street Journal reports. His testimony before Congress seemed to suggest an end to aggressive stimulus measures—noting that rates had already... More »

Obama Plan: $30B Stimulus, More Regulation

Democrat blasts lax Bush oversight, McCain's laissez-faire approach

(Newser) - Barack Obama called today for stricter financial regulations and laid out a $30 billion stimulus plan, the Wall Street Journal reports, including measures aimed at the foreclosure crisis. The Democratic candidate said President Bush had “a generally scornful attitude toward oversight and enforcement,” and proposed expanding Fed powers... More »

Economy in 'Sharp Decline,' Paulson Admits

He won't say recession, but treasury secretary comes close

(Newser) - Hank Paulson came closer than ever to conceding that the economy is in recession in a series of interviews yesterday, Reuters reports. Weary after a weekend in which he helped to broker Bear Stearns' fire sale to JPMorgan, the treasury secretary avoided the R-word but admitted: "There's no doubt... More »

Economy in Trouble: Bush

President warns of overreaction to housing, credit crises

(Newser) - The economy is experiencing difficulties, but President Bush said today he is certain a recovery will come soon, the AP reports. “In a free-market economy there will be good times and bad times” he said in a speech to the Economic Club of New York. “We’re going... More »

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