Obama stimulus bill price tag now $850 billion

Barack Obama's economic recovery bill has grown to $850 billion after negotiations with his Democratic allies in Congress, who have rewritten some of the president-elect's tax proposals and may drive the price tag even higher. For starters, Capitol Hill Democrats are trying to use the economic recovery bill to extend a tax cut for middle- to upper-income taxpayers despite concerns from Obama's transition team that it won't boost the economy.

The largest components include $85 billion to $90 billion for cash-strapped states to help pay for the Medicaid health care program for the poor and disabled. Another $80 billion or so would go into a block grant to states for education, which Sen. Charles Schumer, D-N.Y., said would prevent cutbacks in school programs, layoffs and property tax increases. There's also about $25 billion to pay for subsidies to help laid-off workers hold onto their health insurance, $35 billion to extend unemployment benefits and a 15 percent increase in food stamp benefits costing $20 billion.

news.yahoo.com...

I wonder how much it's actually going to be when they pass this thing...as we know they will. How much pork will they add to it? Afterall, everyone has their hands out at the moment.

More spending and debt...just what we need.

*head - poof*

Okay. Um. Wait.
If he's throwing that money out there, somebody needs to throw a couple billion into education. Just saying. Give me about a hundred thousand bucks or so.

It makes it look like nothing. Couch change.

Damn.. we certainly dont have the cash....now...


Can we charge it?

Another $80 billion or so would go into a block grant to states for education, which Sen. Charles Schumer, D-N.Y., said would prevent cutbacks in school programs

I don't know if this means the money ends up going to public schools, to colleges, or to individuals.

College costs way too much anyway. I spent years paying of my student loan. You go to college in hopes of getting good job that pays well...but it takes years for it to become worthwhile because it takes so long to pay it back..especially when u do have other bills to pay.

Many people end up working in a field that has nothing to do with their college degree because they can't find a job in that field or it doesn't pay enough.


And we definitely do NOT have the cash to do this. And just think this is the start of it all. It's only the beginning.

Somebody needs to plant a bug on Obama and see if he is secretly meeting with Jimmy Carter who is actually making all the decisions

Oh, well. I survived through a lot of financial pain with Carter, I guess I can do it again. Not fair to do it twice in one lifetime though. You would think the collective memory of our government could remember the lessons of just one lifetime and not repeat the mistakes. Apparently not.

I now predict 12% unemployment within 90 days. Kiss your jobs goodbye folks. Remember the least productive people go first, then the pains in the butt and the most productive get cut last. Make sure among the most productive and not a whiny pain in the butt to your employer. You may survive.

Panetta running the CIA

Sorry, off topic but had to get that in there.

reply to post by Blaine91555

I now predict 12% unemployment within 90 days.

I live in Michigan. The latest unemployment numbers i could find were for November '08. It's 9.7 percent. Highest in the country. Reaching 12 percent isn't near as much a stretch as people might think....

Edit to add: Michigan has the highest unemployment rate in the US.

[edit on 14-1-2009 by David9176]

reply to post by David9176


Sounds like it would be public schools... I was talking to my teacher today about my $42k a year education I'm looking forward to, and then I went out and bought a scholarship book, only a handful of scholarships in the $32 book applied to me.

Good.
Really, they should just give us the money. Right to the citizens.

Edit- Dad is unemployed, mom might be soon. Dad has a PhD. Mom has a Masters. I want to leave this country and go join the peace corps.

[edit on 1/14/2009 by ravenshadow13]

MSNBC released this poll which shows Americans are overwhelmingly approving Obama's stimulus plan:

www.msnbc.msn.com...

Although they are "concerned" about the price tag. How can you approve of the stimulus plan and be concerned at the current price tag at the same time? The plan comes with a price tag, it's a package deal. You either DO or DO NOT support it.

850 Billions still sound too low. I figure they have yet to include the money to appease the Republicans, the money to be given out to lobbyist who come in at the last moment, Congresses pork projects, and extra money for certain states that have power in Congress. All in all, I expect this figure be about 1/3 higher than what is quoted.

Yes, because throwing MORE money at the school system has done good so far right? You have got to be (*"@#$ me!!

Anyhow it's not a big surprise that Obama (Democrat/Liberalsocialististicism) is going to try to solve every problem with govt intervention and taxpayer money.

Originally posted by jjkenobi
Yes, because throwing MORE money at the school system has done good so far right? You have got to be (*"@#$ me!!

Anyhow it's not a big surprise that Obama (Democrat/Liberalsocialististicism) is going to try to solve every problem with govt intervention and taxpayer money.

That's what Democrats do. That's their ideology - larger government and higher taxes.

People can say they want "more government" all they want and until they're blue in the face, but the truth is those same people will change their tune when "more government" suddenly inconveniences them personally.

reply to post by jam321


Oh it's definitely going to be higher than that. I'm guessing they'll try to avoid the 1 trillion mark...just so the media can't say '1 trillion' but i wouldn't put that past them.

They just buy the votes by adding pork. It's how it all works...if u add this for me then i'll vote for it.

And even it doesn't reach that...we all know even more bailouts/stimulus will be coming.

It's a joke. It's pathetic....and damnit something needs to be done about it.

This just in ... narrowly passed the measure, but now Obama is free to distribute the rest of the bailout as needed ($350 billion).

www.msnbc.msn.com...

Oh, and I like this little tidbit in the story regarding the stimulus package that this thread is about:

In all, the outline called for $550 billion in new spending and $275 billion in tax cuts. And the $825 billion total is virtually certain to grow as the legislation advances through Congress.

Pay attention to the last few words of that sentence - "... as the legislation advances through Congress", which translates to one thing: PORK!

This is going to get freakin unreal. Will people finally realize that we cannot spend our way out of this mess when national unemployment reached double digits? Gets over 15%? When????



[edit on 15-1-2009 by sos37]

reply to post by sos37


The sad thing is that people think we need this. My supervisor told me "Well they have to do something."

Yeah..they are doing something...ensuring that things will get much worse by continuing to do the same things that won't work.

I can't believe this is all happening in my lifetime. 53 trillion of debt, 160,000 per person....i don't even see how it's possible to pay it back...yet they keep piling more and more on..

I've really just had enough of it...what else is there to say?

Originally posted by David9176
reply to post by sos37

 

The sad thing is that people think we need this. My supervisor told me "Well they have to do something."

Yeah..they are doing something...ensuring that things will get much worse by continuing to do the same things that won't work.

I can't believe this is all happening in my lifetime. 53 trillion of debt, 160,000 per person....i don't even see how it's possible to pay it back...yet they keep piling more and more on..

I've really just had enough of it...what else is there to say?

The only thing I have to say when someone tells me that the government needs to do something is the government needs to give the remaining $350 billion back to the taxpayers and start holding these companies accountable instead of feeding them more poison with which to kill themselves and everyone around them.

But I agree. I've had enough of it, but what can we do but move to another more civilized nation whose government doesn't suck? Any suggestions to which countries that might be?

But I agree. I've had enough of it, but what can we do but move to another more civilized nation whose government doesn't suck? Any suggestions to which countries that might be?

I don't know what's going to happen...but it's getting awfully tough to remain hopeful that things can turnaround...not with this kind of nonsense going on.

What is seriously wrong with this picture? How many people are estimated to be on this planet? How many billions are they talking about doling out? Some where out there surely someone is doing the math.