The $157 billion stimulus bill passed by the Senate Finance Committee is "too complex," Treasury Secretary Henry Paulson said today. "Complexity is our enemy," Paulson said of the bill, which is "in danger of looking like a Christmas tree" once it goes to the full Senate. He said he prefers the House's version, which is "simple, broad-based and bipartisan," Reuters reports.
The Senate bill offers $500 tax rebates to individuals and $1,000 to couples, covering 20 million seniors the House version doesn’t. It extends unemployment benefits beyond the usual 26 weeks and proposes rebates for higher-income recipients, a move some economists say is unlikely to help: Wealthier people, they say, hang onto money poorer people would pump into the economy. (Read more economic stimulus package stories.)