$827 Billion Stimulus Package Clears Senate
Here are Some Quick Facts About Updated Stimulus Package From Mahalo.com
- Passed in the Senate on February 10, 2009 61-37
- Senate version includes $110 billion more in tax cuts
- Cleared Republican hurdle in the Senate on a 61-36 vote1
- Ted Kennedy was present for voting3
- The House of Representatives approved the bill on January 28, 20094
- February 9 approval stops a Republican filibuster
- Three Republican senators joined 58 democrats to pass the hurdle
- 2/3 of the plan devoted to government spending, 1/3 to tax cuts4
- Republicans Susan Collins and Arlen Specter said they would break rank to pass bill3
- Provides assistance to banks beyond that which is currently offered by TARP
- Obama’s approval rating upon suggesting the stimulus: about 70%
- Aims to double U.S. renewable energy capacity within 3 years5
- Obama allegedly told Republican Senators they should back his bill because “I won”2
- The previous stimulus package was approved in February 20086
- Package developed in coordination with other leading Democrats, including House Speaker Nancy Pelosi7
- The 2008 stimulus package included tax cuts in the form of rebate checks6
Although the stimulus has now passed the house and senate it is striking how little Republican support it has received. No Republicans in the house voted for the stimulus and only 3 Republican Senators voted for it.
The big question is whether it will work. Investors seem to skeptical with the major stock indexes plunging about 4% today.
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