(CNN) – Republican senators have unveiled a $713 billion alternative stimulus measure put together by GOP Sen. Mel Martinez.
The measure, obtained by CNN, narrows government spending to infrastructure programs and helping unemployed Americans, addresses the housing crisis, and relies mostly on tax cuts.
Read the measure [PDF]
It remains unclear how many Republican senators have signed onto the measure, but it is a broader approach than the GOP leadership has called for. Senate Minority Leader Mitch McConnell has indicated he wants to limit the stimulus to tax cuts and addressing the housing crisis
But the measure is narrower in scope than the Democratic plan because it eliminates spending on many of the government programs that many Republicans, and some Democrats, believe should not be in the stimulus package.
The broad breakdown:
$430 billion dollars on tax cuts.
$114 billion for infrastructure projects.
$138 billion for extending unemployment insurance, food stamps and other provisions to help “Americans in need.”
$31 billion to address the housing crisis ($11 billion for a loan modification program, $20.4 billion in tax incentives for home purchases, $50 million to temporarily increase loan limits for Freddie, Fannie and FHA)
The tax cuts are the same as undirected spending. They won't work, and would exacerbate the hoarding behavior that moves capital to the sidelines of the economy.
The $31 billion isn't enough to have any serious impact on the housing crisis.
This is a non-starter. It's based on superficial analysis of cherry-picked facts. It ignores that fact that there are still economic shoes yet to drop. It ignores the incentives for private investors to hoard in a risky market.
too much money for rich cronie tax cuts.
Republican sobs-trying so hard to get a piece of the action for survival.
They don't need to put a new one just work on the one that is already passed by the house.
I truly believe the republican party has some sobs like Mccain, Limba, Palin, Cantor ,John, Mitch and it is about time to get rid of them including the new black Steele. They selected Palin because of Hilary and
steele for Obama.
Gender and Race-Always putting their interests before the Americans.
Get rid of the republicans. No use for them anymore.
Its about time the Republican got up off their behinds and attempted to come up with someone. Being as though the messed up the first one
Thank-you sir may I have another bailout and another, and another, added to my tax bill?
How can you have tax cuts and increase spending?
"here's your sign"
This plan wouldn't be bad if they weren't always trying to add freaking tax cuts...they don't work. After 8 years of seeing that they don't work why, why, why keep pushing for them. Some tax cuts are ok but almost 50% of the money going to tax cuts is ridiculous...
More tax cuts for the rich. Don't help people who are laid off. Don't help companies that have to go out of business. Help the fat cats and hope it trickles down. Where have I heard this before?
Oh, and who is the brilliant team of economists that put this one together? At least I have faith in the Economic Team that Obama has put together- as opposed to the idiots that got us here in the first place!!!
I know who I'd rather put my trust in !!
Well at least the STD education funding and climate control satellite research porks are not in this one! Pelosi is porking the heck out of the American people. Soooooowwweeeeee! Sooooooweeeeee!
What kind of tax cuts are they suggesting? If they're tax cuts for the rich and wealthy, fuggetaboutit.
I believe there are probably some really good ideas in this package. I also believe there are really good ideas in the original package. Now I think they should all sit down and come to a compromise. I believe they can add some of the items from this package and give up a few other items to try to make most everyone satisfied with a bill that can work for us all. God bless America!
GOP tax cuts do not stimulate the economy! They only return $1.03 for every dollar spent. Investing in infrastructure or education returns 1 1/2 to double the initial amount. Unemployment and other programs to help Americans in need create up to $1.25 for each dollar spent. Stop trying to help your CEO buddies that just rewarded themselves with billions in bonuses for watching the market crash for their ignorant decisions! Keep collecting taxes to cover the costs of other investments, cover debt by collecting money, now that's a novel idea!
These guys have to be joking. Haven't they figured out yet that the Bush tax cuts and the trickle down economics is the primary reason the country is so messed up.
Of course they want to eliminate the green projects, electrical grid projects and educational projects. Got to keep those oil companies healthy.
GIVE US A BREAKDOWN OF WHO GETS THOSE TAX CUTS. I'm willing to bet that 80%+ will end up in large corporate bank accounts to be doled out later as bonuses and golden parachutes, etc.
You have to be kidding. Tax cuts don't create demand. All that happens with tax cuts is business reap greater profits – the vast majority of the stimulus package has to be on job creation as it was in the depression. Stop giving $430B to the rich and businesses and use it to create real jobs.
I am glad to hear that $300 per senior, disabled, others who can't work is a new possibility in the stimulus bill.
Amit Mani Mishra
If we did real work like this for the last 4yrs we wouldnt be in this situation with the dems holding both houses.
this makes a little more sense than the sense-less plan issued by...well, you know who.
Oh, and lets not forget the 200 million to upgrade the national mall...yes mall. And 44 million to upgrade the agriculture building. Wow, 244 million right there, could go a long way towards actually helping people if it wasn't being wasted as PORK.
What! You mean all this time they were whining and being ultra negative on Obama's plan and they did not even have one themselves? What does that tell you? I guess they all want to go back to the lovely plan they orchestrated a couple of months back: The one where financial institutions used the money to pay dividends, buy other banks and pay out big year-end bonuses to employees. Have to let the rich be rich, you know.
Ok, the Republicans are moving in the right direction. Now let's comb through the $430 billion dollars on tax cuts they want. We'll go real s-l-o-w so everyone understands who reaps the benefit.
The problem with Obama's plan is not enough tax cuts, spending on infrastructure creates work not jobs. When the project is done so are the jobs. If you give corporations and small business's large tax cuts they will buy more equiptment and hire more people and give them jobs that will last.
They are out of their mind. over 400 billion in tax cuts for the rich and famous. The Retaxicans want to build their fortune. They make me sick to my stomach. GET over it sorry idiots, it did not work for Bush, these tax giveaways for the rich it not going to work now.
I am so angry with these idiots?
MORE TAX CUTS..Are you kidding me...............This by the guy that is not even going to run in 2010 because he knew he would lose....So try to pack it in for your fat cat buddies before you leave..........Same type of plan that got us into this mess to get us out.....GIVE ME A BREAK!!