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NEWS ABOUT: economic stimulus package

US Tax Burden Lowest Since 1950

Recession, stimulus shrink tax rate to 60-year-low

(Newser) - You wouldn't know it from the clamor of anti-tax protests, but Americans turned over a lower share of their income to the taxman last year than at any time since the Truman administration, according to a USA Today analysis. State, local, and federal taxes took up 9.2% of income... More »

Deficit's Not a Dirty Word

'There's smart debt and stupid debt'

(Newser) - The debate over the deficit is being crippled by a failure to face up to what we need the government to do, writes EJ Dionne Jr. To have a rational debate about the budget, lawmakers should admit that running a deficit during a time of high unemployment is a good... More »

Schwarzenegger Backs Obama on Health Care, Stimulus

Dismisses GOP demands to start from scratch as 'bogus talk'

(Newser) - Arnold Schwarzenegger had a private chat with Barack Obama yesterday, following a National Governors Association meeting at the White House, and crossed party lines to back the president for the second time in as many days. He applauded Obama for bringing Republicans into the health care discussion, and chided Republicans... More »

New Airport Scanners Stacked Up In Storage

Homeland Security took 7 months just to order them

(Newser) - Dozens of full-body airport scanners are gathering dust in storage more than a year after the administration provided Homeland Security with the funds to pay for them. It took the department 7 months just to order the 150 screening machines included in last year's stimulus bill. More than 100 have... More »

1 Year In, Stimulus Has Saved 2M Jobs

Critics who say it's failed are off base: David Leonhardt

(Newser) - It may not “yet feel like much of a recovery” to jobless Americans, President Obama concedes, but it’s thanks to the massive economic stimulus package passed a year ago “that a second depression is no longer a possibility.” Obama celebrated the anniversary of the recovery act... More »

Reid Promises Vote on Jobs Bill Next Week

But so far, not one Republican senator is on board

(Newser) - Harry Reid plans to bring the first of several Democratic bills aimed at creating jobs to the Senate floor on Monday, with the goal of passing the measure by the end of next week. “For Senate Democrats, creating jobs is job number one,” the majority leader said. “... More »

Off-Message Biden Is Right: US Must Stay on Top

EJ Dionne: Vice president recasts the political debate perfectly

(Newser) - Straying off-message yet again during an interview on the stimulus plan, Joe Biden gave EJ Dionne a new perspective on the Obama agenda. The vice president passionately insisted America will remain the world's most influential country—because of its economy, which needs the stimulus. "So many people have bet... More »

Obama Spars With GOP

President chides Republicans for telling constituents he'll 'destroy America'

(Newser) - President Obama went toe-to-toe with House Republicans today, accusing them of opposing legislation for political gain. Obama chastised the Republicans for labelling health care reform as a "Bolshevik plot" and said, "The fact of the matter is, many of you, if you voted with the administration on something,... More »

Eric Cantor Scoffs at Call for Bipartisanship

Va. rep dismisses Obama's 'lecturing' State of the Union

(Newser) - Eric Cantor was annoyed by the “rhetoric and lecturing” in President Obama's State of the Union address, and he doesn’t have high hopes for today’s sit-down with GOP leaders, the first of what Obama promised would be monthly meetings. The president has called for bipartisanship before, the... More »

Big Mistakes of Obama's First Year

President's miscalculations include scale, momentum

(Newser) - Scott Brown’s Senate victory in Massachusetts is the final nail in the coffin of the Obama administration’s first-year political strategy, John F. Harris and Carol E. Lee write for Politico . The miscalculations cover “three major counts":
  • Believing 2008 was a game-changer: The Obama team thought the "
... More »

Ignore Glimmers of Hope, Economy's Still in the Tank

If Obama takes his foot off the gas, it'll be 1937 all over again

(Newser) - Don’t believe the hype, ignore any rising GDP or employment figures, and whatever you do don’t call it a recovery—or we’re going to wind up right back where we started, argues Paul Krugman in the New York Times . There are indeed positive numbers coming, and with... More »

Obama Bites Off More Than He Can Chew

Solid first year falls short of president's ambitious agenda

(Newser) - In his first year in office, President Obama has done a more-than-acceptable job—but his own stated ambitions were so numerous and wide-ranging that by his own definition, his performance has been disappointing. The bar was simply set too high, writes Doyle McManus for the Los Angeles Times , "and... More »

House Narrowly OKs $174B Job-Focused Stimulus Bill

Irate GOP calls measure 'son of stimulus'

(AP) - President Obama's Democratic allies in the House have muscled through a year-end measure—with a price tag of $174 billion—aimed at creating jobs through a second round of stimulus spending. The 217-212 vote reflected considerable uneasiness among Democrats over the prospect of voting for more debt-financed spending as the... More »

Incredible Shrinking Stimulus Needs Part II

Local government cuts are canceling out federal package

(Newser) - The American economy badly needs a second stimulus package, but the false belief that the government has already stimulated the economy to the tune of $787 billion is standing in the way, writes Harold Meyerson. When deferred spending and the effect of state and local government cuts are taken into... More »

New 'Cash for Clunkers' Targets Appliances

Feds hope next consumer perk will boost sales

(Newser) - A new federal version of the Cash for Clunkers program will soon target appliances in a bid to convince consumers to replace their leaky dishwashers and grinding refrigerators. The $300 million Cash for Appliances program will offer rebates to buyers who replace worn out appliances with energy efficient models. Just... More »

This Year's Top Liberal Turkeys

Stimulus, President O-bow-ma get top billing

(Newser) - As we await tomorrow’s feast, conservative pundit Michelle Malkin gives us something to gnaw on, running down the year’s top turkeys:
  • The stimulus: The “Generational Theft Act” isn’t even a turkey, but a “Turbaconducken—the heart attack-inducing dish of roasted chicken stuffed inside a duck
... More »

Q3 GDP Growth More Like 2.8% Than 3.5%

Spending and home prices are up, but not enough to help jobs

(Newser) - The government’s optimistic reading of GDP growth in the 3rd quarter was distorted by a pair of rose-tinted glasses, it now says. The Commerce Department has revised its estimate down to 2.8% from 3.5% on evidence that stimulus programs like Cash for Clunkers and the homebuyers' tax... More »

Obama's Stimulus Finally Gets Some Respect

Warring economists agree that it has helped—if not enough

(Newser) - Economists are still fighting about whether the economic stimulus was too small, or too big and wasteful, but a consensus is emerging, at least, that the $787 billion package, flawed as it is, is working. With a quarter of the money now spent, the New York Times says a broad... More »

Millions Must Repay Part of Stimulus Tax Credit

Withholding errors mean 15.4M will get smaller refund or owe money

(Newser) - An IRS tax credit designed to lighten the load on recession-addled taxpayers won't work out as well as hoped for about 15.4 million Americans. Because certain minutiae of the new Making Work Pay credit weren’t factored in to withholding tables, more than 10% of taxpayers who file individual... More »

Dems Switch Focus to Jobs

House aims to have job creation package ready by Xmas

(Newser) - House Democrats hit by accusations they've been focusing on health care at the expense of employment plan to tackle job creation in the coming weeks. There's no consensus on whether the move will come as one big package or a series of smaller measures but Democratic leaders plan to have... More »

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