(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)
People aren't losing their houses because taxes are a bit too high, they're losing their houses because they're losing their jobs. How do people without jobs benefit from an income tax cut???
More tax cuts for rich thats a good way to create jobs. People need to be put back to work I am tired of this mess the same old ideas lets create green jobs and stop stuffing more money into the big CEO's wallet.
WHAT?! NO CONDOMS FOR THE POOR OR ABORTION FUNDING?!........AND THOSE REPUBLICANS HAVE THE NERVE TO CALL THIS A ECONOMIC STIMULUS PACKAGE?!
NO MORE TAX CUT TO THIS RASCALS.
8 YEARS IS ENOUGH.
YOUVE GOT TO BE KIDDING ME!
You want to spend $430 billion of borrowed money on tax cuts? On who? And how do you pay it back if everyone is getting a tax cut? Americans rejected Republican ideology on November 4th and all of a sudden we have to resort to the same failed ideas of the last 8 years?
Get lost, Martinez. Get lost. It's a new dawn and a new boss.
When are the Republicans going to understand that we DON'T NEED tax cuts. This is what got us in this mess in the first place !
For a breakdown of the tax cuts, try clicking on the link in the story (it's the first page of the pdf) The vast majority of the tax cuts (330 billion) go to emloyees in the form of a 3.1% payroll tax cut. Also to all the naysayers who think 31 billion is too little to spend on help for houseing the Republican plan spends more than 2X on housing than the House plan (13 billion).
I suggest following the link in the text and actually reading the breakdown of the plan before automatically and partisanlly dismissing it because it came from the Republicans.
George – Ohio,
You are absolutely correct. That's what Obama means by wanting a bipartisan bill.
Tax cuts don't create demand. It will only mean hoarding on the part of people that need money. If your job is in jeapardy why would you go spend $2000 on a new tv when you could save that money for food?
Wth is wrong with these people? Go make us some jobs, not give yet more tax cuts to your rich buddies.
"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."
Great objectivity there. CNN's website is really pretty poor. I mean, this thing looks like it's from Web 1.0 circa 1998, and the quality of the reporting is atrocious.
Moreover, what's up with the above paragraph? I don't think the author is trying to be impartial, but they clearly are just parroting back what the Republicans said - which is to say taking a partisan, political and subjective tone. CNN, your low-budget website makes journalism cry.
It seems like Republicans are only looking at the short term and not long term investment outside of infrastructure. Tax cuts when you have no JOB is meaningless. Tax cuts have not helped corporations open up jobs. it has helped the rich get richer with their bonuses and other needless spending.
If tax cuts were really the answer to stimulating the economy, OUR economy would be THRIVING right now. The fact that we are in this economic mess proves once and for all that republican "trickle down" economics doesn't stimulate anything but outragous salaries and bonuses for rich corporate executives.
The recessions of the early 90's and now are the direct result of giving tax cuts to rich, greedy multimillionares who hoarded their wealth instead of using it to create jobs. When are people going to wake up and realize that republican "trickle down" economics is the PROBLEM, and NOT the solution?
Tax cuts got us out of the recession that Clinton left us in. If you guys actually looked at the last 8 years you'd realize that our economy was just fine until 2006 when the democrats took control of congress. The economy crashed because banks were giving home loans to poor people that couldn't afford to pay them back. They gave those loans because they were pushed to by morons like ACORN and Barney Frank who then sat on his butt while providing ZERO oversight.
I suppose I'm wasting my time pointing out facts here. This place is filled with left wing extremists who wouldn't dare listen to another point of view.
Same song and tune, different year. And mean while McConnell plays a fiddle while the people in his home state of Kentuky freeze and have no help from him. Republicans don't care about anyone but themselves and what will benefit them. I can only pray that most of these so called caring public servants are gone in the next election.
For all of you out there saying we don't need tax cuts we need jobs... When was the last time you went to Mr. Middle or Low Income family and asked and received a job????
You didn't, you went to Mr. Rich Business Owner. So if those that have money and are willing to take a risk don't have any incentive to open or hire, Mr and Mrs Middle or Low Income family will not have a job. Just because they may be rich doesn't mean they shouldn't receive tax breaks too.
Remember the Govt has never created a private sector job!!!!
Who gets the tax cuts? Corporations and rich people...no thank you... No more perks for rich people and corporations.. the 'Trickle' down philosophy does not work! NO more tax cuts for the rich and corporations.
You got to be kidding me........... This bill was crafted with one group of people in mind, the RICH. Senator Martinez should be ashamed to even present such a package, actually it is an insult. Tax cuts do not create jobs and would again benefit the ones who don't really need it. The repubs can forget it about this one. Negotiating does not translate to you must be out of your mind!
This is about $500B too much. Where is all this money coming from?
Can the mint even print money as fast as these idiots want to spend it?
It's still not there. No matter what anyone says, tax cuts will not improve the economy. An individual does not see enough of the tax cut to actually spend enough money to improve the economy. On the other hand, allocating more money for job creation will improve the economy. They're getting there...maybe just a little more work. Spending money for education will also provide more jobs from janitors and cooks that work for the school system to teachers, as well as educating our children better.
And how about give some benefits to people who own houses but did not go overboard purchasing a house that they could not afford.
NO MORE TAX CUTS FOR THE RICH OR CORPORATIONS!!!
@ Conservative & Proud...... IF TAX BREAKS REALLY WORKED, we would not be in the MESS we are in!
Bush HAS GIVEN THE TOP 1% (THE RICHEST) TAX BREAKS FOR THE LAST EIGHT YEARS....... AND HOW HAS THAT WORKED?
I still think Jon Stewart had the best idea.
Give the money to the people for consumer debt only, so they can pay it back to the banks. That way, the banks are "bailed out" and everyone else gets a fresh start. Hell, if we are just throwing money at banks, might as well let us do the throwing
OMG- this guy wants all the money on tax cuts.....were are the JOBS.....
I, think the Republicans are in danger of becoming irrelevant. Even when the bridges, schools, healthcare, and other infrastructure falling apart,all they could think about is tax cuts. When was last time tax cuts built bridges and schools.
This Independent says right on! :)