January 15th, 2009
10:45 AM ET
11 years ago

House Dems offer $825B stimulus bill

(CNNMoney.com) - After weeks of talks with President-elect Barack Obama's top aides, House Democrats on Thursday released a summary of an $825 billion economic recovery package that calls for $275 billion in tax cuts and $550 billion in spending and aid to states.

House Speaker Nancy Pelosi, D-California, said on Wednesday that she is more confident that Congress would reach the mid-February deadline for getting a bill to Obama's desk.

Obama is scheduled to promote the bill on Friday in Ohio, where he'll speak with workers at a wind turbine factory. The package calls for $54 billion to double production of alternative energy.

Top economic advisers to Obama have estimated that the stimulus plan they laid out, which is largely reflected in the House Democrats' bill, could create between 3 million and 4 million jobs by 2010 across a broad array of industries.

But members of Obama's team and other economists acknowledge that if close to 4 million jobs are created that won't be a panacea for the economy. Rather, it would lead to a lesser rate of unemployment than would otherwise be the case if there was no economic recovery package.

- CNN congressional producer Deirdre Walsh contributed to this report.


Filed under: Economy • House • House Democrats
soundoff (32 Responses)
  1. Chad, Wisco

    Where do people come up with these numbers? Its not like we just have this laying around (well technically we do in Ft Knox, but thats besides the point). And even if we do give this money out, how are they determining who uses it. We already gave $350 Billion and no one has a clue how it got spent.

    January 15, 2009 11:07 am at 11:07 am |
  2. Terry

    Here we go. I don't know if this stimulus package would improve the economy or not. I believe, like Franklin Roosevelt said, that we should try the best thing we know. If it doesn't work, then we should try something else.

    I predict that the Conservatives (mostly Republicans) in the Senate will try to stall, block, or gut this proposal. They will redirect much of the money, if possible, to their wealthiest constituents. Conservatives have opposed every effort to solve the nation's problems since 1860, without exception.

    January 15, 2009 11:07 am at 11:07 am |
  3. Irritated in Fl

    Why bother? I'm sure half the jobs will go to Illegal aliens. I mean they are talking about construction jobs basically, so what about the rest of Americans? And how about some transparancy in bankingand the stimulus we already paid, Instead of lossening credit, I just had my credit card yanked for no reason.

    January 15, 2009 11:11 am at 11:11 am |
  4. john

    That's a cost of over $200,000 per job at a cost of almost $3,000 for every man, woman, and child. Personally, I would rather the cash go to everyone instead of a select, well connected, few.

    January 15, 2009 11:15 am at 11:15 am |
  5. Proud American

    OK, now sit back and just watch the Idiot republicans.

    January 15, 2009 11:15 am at 11:15 am |
  6. Matt

    GIMME MAH MONIEZ!!!

    January 15, 2009 11:17 am at 11:17 am |
  7. Lilarose in Bandon, Oregon

    I haven't seen anything in this package that will help seniors on Social Security.

    Millions of seniors, especially women who receive the minimum Social Security benefits, had to beg and plead for a little bit of the first stimulous package. This segment of our society was not included at all in that first package.

    These seniors felt they had already "earned" this benefit by virtue of being eligible for Social Security benefits after a lifetime of working.

    But with this package, I see nothing that will benefit so many folks who are barely making it.

    January 15, 2009 11:23 am at 11:23 am |
  8. kaw

    Really Terry? Since 1860 without exception? Its partisan people like you who are widening the divide in this country. Our elected officials are so divisive in large part because we, the voters, are divisive.

    No political party, – democrat, republican, independent, green etc – is right about everything or wrong about everything. The best solution to an issue is almost always somewhere in the middle.

    January 15, 2009 11:29 am at 11:29 am |
  9. Charles L. Shaw, Liverpool, NY

    Bailouts, BAILOUTS, when will it end? Another trillion what's that when you already are nearly 60 trillion in the red?
    Our Federal, State, and local (Big Brother) Governments are in for a rude awakening when the money is not there. And this is the same mistakes our Government did in the first depression. (Yes folks, I’m not going to wait a year for it to be official, we are in a depression, just look at those unemployment numbers)
    This entire bailout approach does nothing for the main stream American, but it will sure enough ensure some nice bonuses for the Wall Street executives.

    January 15, 2009 11:36 am at 11:36 am |
  10. Robert The Man

    Idiot republicans??? You CANNOT spend your way out of a bad economy.

    January 15, 2009 11:36 am at 11:36 am |
  11. TURN TEXAS BLUE

    aT LEAST THE NEW ADMINISTRATION IS TRYING SOMETHING! THE BUSH ADMINISTRATION DID NOTHING EXCEPT GET US IN THE MESS, I AM ALL FOR THE STIMULUS. AND IF ANYONE HAS A PROBLEM YOU SHOULD OF HAD THE PROBLEM WITH THE FIRST BAILOUT!

    NOW THAT WAS CRAP, AND I AM SURE THERE WILL BE OVERSITE FOR THIS STIMULUS

    January 15, 2009 11:37 am at 11:37 am |
  12. obama-mama

    I feel the cash should go to all working taxpayers. We know how to use it.

    January 15, 2009 11:37 am at 11:37 am |
  13. Rick in WA

    Unless these jobs are permanent and produce a tangible item that can be sold, this plan does nothing. We need to produce steel, make cars, drill for our own oil, develop products that the world wants. China is now the 3rd largest economy in the world behind the US and Japan. They are not going to switch over to windmills and solar panels anytime soon. By the way, I wonder where Al Gore is now that the country is breaking decades-old record cold temperatures here in the good ol' USofA.

    January 15, 2009 11:54 am at 11:54 am |
  14. America Held Hostage T-5 Days

    After the Democrats got us into this mess starting in 1999, they now propose the biggest pork bill ever and Pelosi says it's just a first step.

    Blue states get all the money and I bet the red states just pay for it.

    January 15, 2009 12:04 pm at 12:04 pm |
  15. becky

    I think Obama should give every household $150,000 that can only be used on Credit Card debt, pay off your cars and put the rest toward your house payments. If you don't have enough debt to spend the whole $150,000 then it must be given back. also, you must prove this is what the money was used for. It would be a win win situation. We would put money back out there to the companies who are hurting and we also would be out of most debt. This would jump start the country again. It must come from us. Common sense.

    January 15, 2009 12:09 pm at 12:09 pm |
  16. becky

    Oh, for those who will start yelling about the amount of money it would take to give each household $150,000. The Bush Administration has cost us much much more.

    January 15, 2009 12:11 pm at 12:11 pm |
  17. Carole

    I've said it before 303.8 million in this country. If every taxpayer was to receive $1 million dollars and told they had to spend 1/3, save 1/3 and with discretion invest 1/3 this country would fix itself. No one would lose their homes, the banks would be flush with money and people would have money to retire on.

    There had better to be oversight for every dollar given away there better be a record of how it was spent. We put the car companies through the wringer to get their money and show every penny. This stimulus package better have the same criteria set up for oversight. The banks got away with billions and people got bonuses. How is that we had a record number of foreclosures if the banks got money to help people keep their homes???????

    January 15, 2009 12:18 pm at 12:18 pm |
  18. Anonymous

    Job Creation and a better National Infrastructure is not a bad thing for America.

    January 15, 2009 12:19 pm at 12:19 pm |
  19. Ghost

    I listen to the folk on CNN discuss this yesterday. There are problems across the board.

    Conservatives, please give it up. Quit trying to pump up that trickle down nonsense. However you package it, name it, disguise it, the bottom line is that it is totally dependent on the owners of big buisness actually letting the money trickle down instead of pocketing it. If you wish to have some regulation in place to ensure that those companies taking these breaks are doing their part, then I might go along with it.

    Liberals, keep a leash on this mess. PNC used its bailout funds not to free up credit, but to purchase a National City AND cash out the executives.

    January 15, 2009 12:20 pm at 12:20 pm |
  20. Gerda Edwards

    "aT LEAST THE NEW ADMINISTRATION IS TRYING SOMETHING! THE BUSH ADMINISTRATION DID NOTHING EXCEPT GET US IN THE MESS, I AM ALL FOR THE STIMULUS. AND IF ANYONE HAS A PROBLEM YOU SHOULD OF HAD THE PROBLEM WITH THE FIRST BAILOUT! "

    Sheesh. Let's do "something" even if it means mortgaging our children's/grandchildren's future away.

    And, yes, I did have a problem with the 1st bail out.

    The only one I support is the one to the porn industry, because they're the only industry with any experience in creating effective stimulus packages, and they are by far "too big to fail" - which is always the politicians' excuse for socializing private industry's losses.

    January 15, 2009 12:24 pm at 12:24 pm |
  21. FreeNLovIt

    It was reported that 1 billion dollars went to the executives in the bailout.

    January 15, 2009 01:02 pm at 1:02 pm |
  22. BW

    Terry

    Not enough time or space here to respond to your utter ignorance involving politics or the economy. Please educate yourself and come to the table with facts.

    January 15, 2009 01:04 pm at 1:04 pm |
  23. geecee

    We have got to do whatever it takes to get this economy back on track. Whether it's $875Billion or $3 Trillion!!, let's just do it and get things moving again. We'll worry about the deficit later.

    January 15, 2009 01:31 pm at 1:31 pm |
  24. Hammer

    More hand outs and we have been promised no pork!

    January 15, 2009 01:41 pm at 1:41 pm |
  25. richard

    Terry is the reason I could never vote for a Democrat.

    January 15, 2009 01:52 pm at 1:52 pm |
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