January 15th, 2009
11:20 AM ET
12 years ago

House Dems offer $825B stimulus bill

NEW YORK (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-Calif., again expressed confidence that Congress would reach the mid-February deadline for getting a bill to Obama's desk.

But, she noted, "this [package] is just the first step."

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Filed under: Congress • stimulus plan
soundoff (56 Responses)
  1. Chuck, Tennessee

    I see no change going on in Washintoon. A bunch of out-of-touch people who think they can fix the economy by throwing money at it. What we need in Washington is a bunch of legislators (notice I didn't use the word politicians) who understand that the best thing government can do is make itself as small as possible and stay out of the way of the free economy.

    January 15, 2009 12:08 pm at 12:08 pm |
  2. Barack wins and America Capitalism and Productive people lose.

    THIS IS INSANE.

    WHO IS GOING TO PAY FOR IT? WE ARE BIG TIME WITH TAXES

    HAS IT EVER WORKED? NO, Just ask any country that has tried it, the result is higher unemployment down the road and higher taxes and more waist.

    IT is a Forefeit of what we hold dear, and that is our Economic Freedom!!!

    Please find a way to stop this someone, before it is too late and we become Communist run by the Barack's misguided understanding of business and free enterprise.

    The less government, the better we are as a country in creating jobs and creating wealth for the majority. Government slows growth and wealth and costs far too much. It is like throwing money into a black hole.

    January 15, 2009 12:10 pm at 12:10 pm |
  3. Kevin in Ohio

    $500 to low income people....for God's sake, quite calling it a Tax Cut.... if someone pays no taxes already, its WELFARE. Nothing more...nothin less. Lets stop being taken in by this new-speak....dems now know taxcut is a popular word, so they are misapplying it to get back to their welfare state..... and by doing so, they keep their constituencies happy, even though welfare will never be a way to success and prosperity.

    WAKE UP!

    January 15, 2009 12:17 pm at 12:17 pm |
  4. Arden

    This is the right thing to do as long as everyone plays by the rules. This bailout must have oversight, transperancy, and used for all the

    January 15, 2009 12:17 pm at 12:17 pm |
  5. Sarge in Florida

    Isn't it funny that now Barack will be sworn in that the republicans are bulking at another stimulus package..Seems like they didn't care about the first 800 Billion that Bush was giving away without any oversight as to how the money was spent..Man when are these IDIOTS ever going to learn...Senator Vitter can go straight to you know where. Did he apply for some of the money so he can spend it on more woman..Hey Vitter have you wore anymore diapers lately? You are such a scum bag that should get your sorry tail out of the Senate because you sure don't deserve holding office ....How can people in your state vote for such an IDIOT....I bet the woman liked your lisp...LOL

    January 15, 2009 12:20 pm at 12:20 pm |
  6. Texan for Ethics

    Uh, Nancy, how much is going directly to your home state of California?

    January 15, 2009 12:27 pm at 12:27 pm |
  7. mistake to bailout

    don't follow mistake with another mistake

    we cannot call this a free market or even say it is supply and demand

    we should work towards that and try to get back to 'the invisible hand of the market place'

    January 15, 2009 12:28 pm at 12:28 pm |
  8. BB

    Kevin – READ – the tax cut is going to low income WORKING families. You're the second half of beevis and butthead.

    January 15, 2009 01:06 pm at 1:06 pm |
  9. BW

    Kevin in Ohio

    Thank you! That is a clear and concise post...even liberals should understand this!

    January 15, 2009 01:11 pm at 1:11 pm |
  10. stag

    So this is the "Change" promised by BHO.

    January 15, 2009 01:11 pm at 1:11 pm |
  11. BW

    BB

    Low income working families, through standard deductions in the tax code, get a tax refund equal to or greater than the amount of taxes they had withheld. You need to READ!

    January 15, 2009 01:13 pm at 1:13 pm |
  12. bsmith171

    whay not make it $70 TRILLION?

    January 15, 2009 01:13 pm at 1:13 pm |
  13. Voter in Wisconsin

    While the may not pay income taxes, they do pay other forms of taxes (such as social security, medicaid, and other forms of payroll taxes).

    January 15, 2009 01:30 pm at 1:30 pm |
  14. Alan

    First things first - I see Repuglicans on here still talking about our new "socialist" president-elect and somehow relating this to COMMUNISM. This shows the complete lack of education this individual has.

    Socialism is NOT...repeat NOT...instantly COMMUNISM. It is a PART of the Communist manifesto...but it is NOT communism.

    Second - how on earth do you consider "low-income" to mean "no income." There is no such thing as a tax break for those who paid no taxes. Period. The tax break is being sent to low-INCOME TAX-PAYERS.

    Or - do you consider the tax breaks for the wealthiest American's that GW was so adament about all along as welfare, too?

    Finally - you've had your so-called "free market" ever since Ronald Reagan (our first true "acting" president) started pushing his brainless "trickle-down economics." Cheney was there with him and, I believe, joined up with G.W. to complete the payouts they were aiming for with this bone-headed idea.

    Today's economy is what all this barely-transparent greed has brought us. There is a huge difference between a "free" market and a market that has been turned loose on the public. Reagan, pushed I believe by Cheney, brought us a completely unleashed and unpoliced market and the result was runaway corruption and outright theft that is now being rewarded with billions upon billions in free hand-outs of cash with no strings attached to the very people to bankrupted this nation with their unbridled, unchecked greed.

    It's probably difficult for someone who doesn't even realize that socialism and communism are two completely distinct separate ideaologies to see, but a "free" market without any constraints or oversight turns into a bunch of robber barons taking as many billions as they can and conning, lying and cheating to get it. Kind of like what we just went through.

    Before you get your hackles up over this remember: we are a "free" people, too. But we still must abide by laws. "Freeing" the marketplace shouldn't have meant removing ALL legal oversight of the market. I believe what Reagan meant when he SAID it is a whole different thing than what Cheney had in mind when he put the idea into Ronnie's head.

    So - get ready for a LOT TIGHTER regulation and oversight. Kind of like learning to live with Democratic leadership for the next couple of decades, tighter regulation is something everyone should have to live with anyway.

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

    If the market is any indication, it appears that there is little confidence in the plans by Congress and the PE to spend us out of the recession.

    Go figure. Maybe there are individuals more qualified that this bunch of politicians we have in DC to chart the course out of this downturn.

    January 15, 2009 01:39 pm at 1:39 pm |
  16. SM

    So all you people who are sure that we are now "communist" and a welfare state, what is your answer? Bush's tax cuts worked so well at lining the pockets of the already wealthy without creating one job. We are losing half a million workers a month-we cannot sustain that. Can your community step forward and get money to those who need it? Can you house all the folks in your town losing homes? Can you afford to educate their children when all those unemployed folks are now paying NO taxes? The government must step in because for big problems, only the federal government has the resources to help. I doubt most of you were complaining when Bush cut the taxes that contributed to this mess (education funding stinks, infrastructure repairs are behind, jobs went offshore and companies were rewarded.)
    We have to try something, and I'm certain that Obama, as he did in the campaign, has surrounded himself with good economic minds. Remember, no one has seen a situation like this in recent history, so no one is positive which solution will work. So if you want guarantees, you won't get them. All we can do is take what information we can find, and if we can think of something better, let Congress and Obama know. He is still taking ideas at his web site. I sincerely doubt that McCain and Palin would have had a better solution, do you? Honestly?

    January 15, 2009 01:40 pm at 1:40 pm |
  17. TCM

    Only in America can you be a drug dealer, prostitute, or illegal working under the table....and file a tax return and get money from a government fund that you never contributed to! Boy that's a stimulus alright! Way to secure votes for the future, Pelosi and cronies!

    @ Kevin in Ohio – you're right....how can it be called a cut, when you've contributed nothing to cut from! It's frickin' welfare!

    January 15, 2009 01:41 pm at 1:41 pm |
  18. Mr. Lugo

    "Barack wins and America Capitalism and Productive people lose."

    As I recall Capitolism and Productive people lost last year, before Barack won.

    Rebuttal?

    January 15, 2009 01:48 pm at 1:48 pm |
  19. Robert

    "we should work towards that and try to get back to 'the invisible hand of the market place'"

    Is that the invisible hand that's been taken money out of our pockets all these years?

    January 15, 2009 01:51 pm at 1:51 pm |
  20. Ken

    This is totally insane!

    How about a "Bail Out" for the American people! I am getting sick and tired seeing my savings go down the tube because of the banks! Let the CEO's give up their salary and bonuses.

    "THE RICH GET RICHER AND THE POOR GET POORER!

    What is wrong with this picture? President Bush has caused all of this!

    STOP PAYING FOR THE 12 TO 20 MILLION ILLEGAL ALIENS AND JUST MAYBE WE CAN PUT OUR LEGAL CITIZENS BACK TO WORK AND BECOME A BETTER AND SECURE NATION!

    January 15, 2009 01:53 pm at 1:53 pm |
  21. a little sad

    @Texan for Ethics January 15th, 2009 12:27 pm ET

    Uh, Nancy, how much is going directly to your home state of California?

    ***********************************************************
    Tex-

    In 2005 (last figures I can find) California received $0.78 in federal monies for every dollar they sent to DC, ranking 43rd in return of their taxe dollars.

    Texas on the other hand, received $0.94, about 20% more. (Ranked 35th)

    Now, if you want to whine about some other states, that would be a different story. But your comment on California is off-base.

    January 15, 2009 01:53 pm at 1:53 pm |
  22. Anonymous

    Chuck – I agree but, unfortunately, there were just too many ethnic groups voting color, too many liberal college students, too many unemployed, non-taxpaying voters that voted NOBAMA into office. All of us legitimate taxpayers will have to bear the burden, AS USUAL, paying for the welfare of others. I, for one, am sick of it and am glad I'm getting close to retirement age. What a shame that one has resorted to being happy about aging rather than wishing one were still young! Sad state this country is in and it is going to get much, much worse after the DemocRATS are through with us!

    January 15, 2009 01:53 pm at 1:53 pm |
  23. Sara from Arizona

    Where is the outrage, your tax dollars at work?

    January 15, 2009 01:56 pm at 1:56 pm |
  24. Rudy

    Stimulus and Bailout:

    Who does these overused power words help again?

    I still foreclosures and no one getting help that I know!

    How can these elected officials not understand that we the consumers are the only ones who can bring this economy back! They can put as many words as they can put out there bottom line is isn't helping anyone at all!!

    January 15, 2009 01:57 pm at 1:57 pm |
  25. MSM

    Kevin,
    I must say you are a clown. First learn something before calling something by a name that it is not. Just because a low income person may not make enough mney to pay Federal Income Taxes, does not mean that the low income worker does not pay taxes at all. How silly can you be? Low income workers pay payroll taxes, etc...just like all the rest of us! Don't be so silly. Stop calling everything welfare...it is very tiring!

    January 15, 2009 01:59 pm at 1:59 pm |
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