(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)
JWCB and Matt – Take Joseph's advice and follow the links, you CAN see the breakdowns if you stop complaining about Republicans long enough to do some basic research (like read the proposal!)
JJ February 2nd, 2009 2:29 pm ET
I don't understand why the Republicans want the tax cuts bill? Who will benefit from the $430 billion dolar tax cuts?
Do the research? Click on the link before you look at it as a republican version and automatically say its crap. There is an Alternative Minimum Tax break which directly effects middle to low income americans.
John NC – Let make sure President Obama make good on his promise so we don't have to be taken again by the Republicans trickle down plan.
It's a start but TOO MUCH for tax cuts! Let the rich be rich, not make them richer under the current circumstances!
Here's a fair deal: Take 25% of amount for tax cuts and LEND it to the states – Take another 20% and add it to infrastructure – Give the rest in tax rebates (not withholding rate reductions) to individuals (or the self employed) who made less than $150K that PAID taxes in 2008.
Now, you plantation repugs and the other congressional Hooverites don't be obstructionists and "gitter' done".
Lee February 2nd, 2009 2:29 pm ET
We do not need more tax cuts, we need JOBS. How about creating more "businesses" by providing incentives for new or retructuring businesses.
Too bad the democratic version doesnt allow for a lot of job creation, just a lot of pork for supporters.
For those of you who insist on people reading the PDF, I did, before I commented the first time. Those tax breaks you all think are so fabulous? Only good for the next 2 years!!! This recession, or whatever it is, will not be fixed in 2 years!!! So don't tell me the tax cuts will work! They won't! They haven't for the last 8 years, and they won't work now!
it is obvious, the Republicans didn't get the memo-Barack Obama and the Democrats WON! Tax cuts for the wealthy are soooo 2001! They didn't work and now we are in this mess because trickle down economics doesn't work. Just look at what the banks have done with their bailout. It was supposed to trickle down to mainstreet, instead, they hoarded it, or bought other banks. The same would happen with companies and the wealthy if they got the tax cuts, but they already know that, they just want Obama to fail.
What about alternative energy funding?? What about an investment that will launch America into the 21st century and beyond in a green/energy independent economy?? This is just a band-aid to keep the status-quo.
You can keep the tax cuts. How about restoring those military bases that kept out econmy thriving and our nation strong. How about creating those green jobs. JOBS, JOBS, JOBS. Created in the United States, that benefit the United States. Please......
NOOOOOOOO! No more tax cuts for their rich buddies. The repug vote is not even needed!!!!!!! Time they paid their fair share.
The reason corporate tax cuts won't work (and these are primarily corporate tax cuts) is because corporations will not use the extra cash to hire employees or funnel it into their operations. To the contrary, they will either (i) boost their cash reserves; or (ii) pay it out to their shareholders as a dividend. Earnings drive corporations, not a sense of civic duty.
As a stimulus plan, this is useless. The only people who can expect to see more work from this are accountants.
Thank goodness we have a GOP plan, clearly their tax-cut rich get richer poor can eat out of our trashcans approach worked well for the past eight years.
As Oliver Twist once asked, "can I have another serving please ?"
Cnn i gotta question: rather then covering Obama and his blueberry, how about reporting on the controversial pardon given by Bush to Karl Rove.
One trick pony February 2nd, 2009 2:42 pm ET
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?
Did you even read the link to the bill? I doubt it.
Anything in any bill not related to recovery needs to be stricken from the proposal and the individuals who put it in there should immediately be removed from office. We do not need any more crooks in office, yet it appears that is all we are left with. This country is in serious trouble thanks to two inept administrations in a row, we don't need a third and apparently that is what we are going to get. We are beset by morons and imcompetence on both sides.
430 billion in tax cuts to who??? Tax cuts will not save this economy as shown over 8 yrs of Republican rule. Is this all the Republicans know, cut taxes? The hole is big enough, so stop digging. This sounds a lot like more of the same to me, or in other words the Republicans are offering a bigger shovel. Irresponsible tax cuts combined with irresponsible Republican spending have put this economy where it is and irresponsible right wing ideology is putting this country and my personal freedoms in peril....stop the nonsense. Is it not time for all politicians to understand it is time to do what is best for America!! Do the job or find a new one.
We dont need Corp tax cut. We need JOBS. Been There Done That for past 8 yrs, see where we ended :(
The republicans need to remember they did not win the presidential election, we rejected their ideas on Nov. 4th. What makes them think they have any right to develop an alternative plan. They need to offer suggestions not their own way of doing things. They don't seem to realize they are no longer in charge.
Why is the economy not good right now before we roll back 2010 bush tax cut that have been there since 2001. Why.....
Martinez is not looking for reelection....Go figure!
President Obama Stand firm Sir! do not Fall for the Same old Tax cut You know President the old Trickle down theory the ONE THAT DOES NOT AND HAS NOT WORKED President Obama the Country Elected YOU YOU Not the Republicans! The last I checked the Country put the Democrats in power and threw the GOP In the cold STAND FIRM MY PRESIDENT Dont give into the Greedy old outdated Party!
haven't we heard this song and dance before?
Is NOT what the people wont what the hell are the GOP talking about. this is NOT good at all only for the Rich and the GOP friends. Obama and the Democrats need to say NO more tax cuts.
The last time I checked Obama was the president, not Mel Martinez.
If Republican tax cuts worked then the economy would be even better off than during the Clinton years before these tax cuts instead of being on the verge of a great depression.
Republicans being outraged about wasteful spending would be Genghis Khan being outraged over human right's abuses.
America should realize that Republicans are the enemy of the average American and need to be voted out of existence.
@ JJ: Yes, I know how much they are asking for and I don't agree with that either!