Obama’s economic stimulus plan, which includes a combination of spending and tax cuts that aims to get millions of unemployed Americans back to work, has reached the senate and it is now the center of debate. The plan includes huge increases in federal spending, education , public work projects, and temporary increases in unemployment benefits. However, many wonder if the $885 billion dollar plan is excessive.
Many senate republicans are hoping to make a variety of changes to make the plan more acceptable. Since the house bill passed it has consisted of one-third tax cuts ($325 billion) and two-thirds spending ($560 billion), it was previously criticized by senate democrats who argued for more spending and by republicans who want deeper tax cuts. Republicans may find it really hard to pass the additional income tax cuts since the senate is predominantly democratic.
Hopefully, this debate will be resolved soon and have a good outcome. In addition, this plans seems to have good aims. However, I also think that it’ll be a little too much money.
http://www.latimes.com/news/nationworld/washingtondc/la-na-stimulus3-2009feb03,0,5557017.story
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I think the plan focuses on the wrong things. The plan gives money to areas that really need it, which is a good thing, but it spends too much money and I think it will end up doing more harm than good in the long run. I think a better plan can be formed if both sides are willing to work together on it.
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