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Old 02-06-2009, 01:06 AM
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REDRUM REDRUM is offline
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Default Obama warns of need for stimulus bill right away

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WASHINGTON (AP) - President Barack Obama says the time for talk on an economic recovery package is over and "the time for action is now."
Speaking at the Energy Department, Obama made a fresh plea for the stimulus plan that the Senate is debating. He cited the latest bad economic news of jobless claims as another reason for quick action.

He said: "The time for talk is over, the time for action is now."

Republicans and some Democrats have expressed reservations about the growing price tag of the package—more than $900 billion. Senate Democratic leaders hope to have a bill completed by Friday.

Earlier today, Obama warned that failure to pass an economic recovery package could plunge the nation into an even longer, perhaps irreversible recession, as senators searched for compromises to whittle down the enormous bill.

Senate moderates gathered behind closed doors in an effort to find at least $50 billion in spending reductions that might make the $900 billion-plus package more palatable to centrists. Democratic leaders hoped to pass the legislation by Friday at the latest.

Obama painted a bleak picture if lawmakers do nothing.

In an op-ed piece in The Washington Post, the president argued that each day without his stimulus package, Americans lose more jobs, savings and homes. His message came as congressional leaders struggle to control the huge stimulus bill that's been growing larger by the day in the Senate. The addition of a new tax break for homebuyers Wednesday evening sent the price tag well past $900 billion.

"This recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse," Obama wrote in the newspaper piece.

He rejected the argument that more tax cuts are needed in the plan and that piecemeal measures would be sufficient. His latest plea came on the same day the economy dealt with another dose of bad news: A big jump in jobless claims and another round of weak retail sales.

Initial jobless claims rose to 626,000, a 26-year high, the Labor Department said. And the number of claims by people continuing to apply for unemployment benefits reached a new record of nearly 4.8 million.

The housing tax break was the most notable attempt to date to add help for the crippled industry and gave Republicans a victory as they work to remake the legislation more to their liking.

"It is time to fix housing first," Sen. Johnny Isakson, R-Ga., said Wednesday night as the Senate agreed without controversy to add the new tax break to the stimulus measure, at an estimated cost of nearly $19 billion.

Three swing-vote senators met with Obama at the White House on Wednesday to discuss possible cutbacks, but they declined to discuss details of their talks. Obama has made the legislation a cornerstone of his recovery plan.

For their part, Senate Republicans signaled they would persist in their efforts to reduce spending in the measure, to add tax cuts and reduce the cost of mortgages for millions of homeowners.

Officials figures were unavailable, but it appeared that the measure carried a price tag of more than $920 billion, making it bigger than the financial industry bailout that passed last year and as large as any measure in memory.

Despite bipartisan concerns about the cost, Republicans failed in a series of attempts on Wednesday to cut back the bill's size.

The most sweeping proposal, advanced by Sen. Jim DeMint, R-S.C., would have eliminated all the spending and replaced it with a series of tax cuts. It was defeated 61-36.

Democrats also upheld a so-called Buy American provision that requires projects financed by the measure to be built with domestically produced iron and steel.

But with Obama voicing concern about the provision, the requirement was changed to specify that U.S. international trade agreements not to be violated.

Additionally, Democrats turned back an attempt to strip out a provision that Obama has said was essential. It would provide a tax cut of up to $1,000 for working couples, including those who do not make enough to pay income taxes.

Isakson said the new tax break for homebuyers was intended to help revive the housing industry, which has virtually collapsed in the wake of a credit crisis that began last fall.

The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.

The provision was the second tax cut approved in as many days targeted to individual industries. On Tuesday, the Senate voted to give a break to consumers who buy new cars.

The House approved its own version of the bill last week.
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Shortly after Obama was sworn as president elect, Obama lifts ban on abortion thus making American citizens guilty of "accessories to murder"
There's public divide in the USA on Obama's decision closing Guantanamo Bay prison. 177 House Republicans voted against the spending plan, I mean the "porkulus" plan. Nancy Pelosi makes absurd claims 500 million jobs are lost because the stimulus plan has not met approval. Obama proclaims "the time for talk is over" despite the fact he said he would work with the GOP on his "porkulus" plan. Wasteful spending like "anti smoke programs or disease prevention" will not stimulate the economy Mr. President. Allow the GOP to remove some of the pork, down size your "porkulus" plan and eventually your spending package will pass. According to the latest Rasmussen poll, 43% oppose the economic spending plan.

Quote:
The latest Rasmussen Reports national telephone survey found that 37% favor the legislation, 43% are opposed, and 20% are not sure.
Support for Stimulus Package Falls to 37%
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"The budget should be balanced; the treasury should be refilled; public debt should be reduced; and the arrogance of public officials should be controlled." -Cicero. 106-43 B.C.

Last edited by REDRUM; 02-06-2009 at 01:12 AM.
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Old 02-06-2009, 02:54 AM
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Banksy Banksy is offline
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Ok... according to an Associated Press Fact Check article by Alan Fram, the stimulus plan cannot be proven to do what we are being told it will do. The democrats assertions cannot also be definitively proven not to work. The economists data and projections are all based on economic numbers we have never seen before. Thus, we don't know. Yes the Dems are selling it as the cure for cancer right now, but let's not forget about our little checks we got in the mail that we were supposed to use to keep the economy humming and the numbers that show it didn't work. Let's also not forget the bailout/TARP given to banks that also don't seem to working yet. The GOP seems to favor a plan for more tax cuts which economists generally agree will not work either...

http://www.google.com/hostednews/ap/..._4TfQD963JOIG1

What would work? Millions of Americans spending less money than they make. Millions of Americans buying houses that were affordable with one income instead of two. Millions of Americans forcing their government to regulate financial systems just enough to keep the market relatively free of predatory lenders and their insurers. But nobody in government is going to give the American Citizen their medicine, it would mean political suicide. Instead it's all about who's to blame and pushing our own partisan policies through as fast as possible. Bush and the gang also told us that the world would cease from turning if we didn't bail out the banks as fast as we did.

http://www.cnn.com/2008/POLITICS/09/...out/index.html
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Old 02-06-2009, 03:26 AM
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Bottom line: It's THE CULTURE OF ENTITLEMENT combined with the ludicrous myth that credit is a civil right that is at the root of the problem.
Anyone else know of a family with over forty thousand dollars in credit card debt that still gets 'take-out' DELIVERED! three nights a week!? Oh ya the woman got laid off last month and to celebrate all the free time she'll have to look after the children the family flew to Disneyland for the weekend!
I hope the economy totally collapses and every credit card in the country has a 'DECLINE' message. Maybe then the population will begin to live realistic lifestyles.
The ONLY way to fix the economy is to allow it to fail. Simply throwing borrowed/printed money at it will ironically cause more problems not less. "Well Mabel, we're in a tight spot. I think it's time to borrow another ten thousand from your DAD. That should allow use to continue spending a thousand more a month than we're bringing in for a while".

Last edited by puffin; 02-06-2009 at 03:42 AM.
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Old 02-06-2009, 03:27 AM
HelloDollyLlama HelloDollyLlama is offline
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Screeching "porkulus" over and over isn't going to change the facts. It's like when you guys started every other thread with "Obambi" all through the fall -- how'd that work out? There's a difference between coming up with a slogan, and coming up with an actual policy, which the Republicans are clearly incapable of doing.


There is a simple way for Obama to resolve this problem instantly, and drive a bunch of Republican hypocrites back into their holes in the process. I can't claim credit for this -- someone from my hometown came up with the idea.

Currently the Republicans are trying to have their cake and eat it too. In one red state after another, Republican governors are begging for stimulus money, while their Republican Senators are slamming Obama on the stimulus issue.

So the proposal is simple: for every state in which both Senators vote against the stimulus package, that state gets no stimulus money. If the Senators for that state split 1-1, they only get a half share.

Do that, and the bill will pass with overwhelming support.



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Originally Posted by REDRUM View Post
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Shortly after Obama was sworn as president elect, Obama lifts ban on abortion thus making American citizens guilty of "accessories to murder"
There's public divide in the USA on Obama's decision closing Guantanamo Bay prison. 177 House Republicans voted against the spending plan, I mean the "porkulus" plan. Nancy Pelosi makes absurd claims 500 million jobs are lost because the stimulus plan has not met approval. Obama proclaims "the time for talk is over" despite the fact he said he would work with the GOP on his "porkulus" plan. Wasteful spending like "anti smoke programs or disease prevention" will not stimulate the economy Mr. President. Allow the GOP to remove some of the pork, down size your "porkulus" plan and eventually your spending package will pass. According to the latest Rasmussen poll, 43% oppose the economic spending plan.


Support for Stimulus Package Falls to 37%
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Old 02-06-2009, 03:29 AM
HelloDollyLlama HelloDollyLlama is offline
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Quote:
Originally Posted by puffin View Post
Bottom line: It's THE CULTURE OF ENTITLEMENT combined with the ludicrous myth that credit is a civil right that is at the root of the problem.
Anyone else know of a family with over forty thousand dollars in credit card debt that still gets 'take-out' DELIVERED! three nights a week!? Oh ya the woman got laid off last month and to celebrate all the free time she'll have to look after the children the family flew to Disneyland for the weekend!
I hope the economy totally collapses and every credit card in the country has a 'DECLINE' message. Maybe then the population will begin to live realistic lifestyles.
The guy who, for crass political reasons, wanted to extend mortgage credit to all those black families who normally wouldn't get them, was Bush. So the "credit is a civil right" notion came from the Republicans.
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Old 02-06-2009, 03:44 AM
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Originally Posted by HelloDollyLlama View Post
Do that, and the bill will pass with overwhelming support.

Except it ignores the reason WHy the bill isnt getting overwhelming support now. Its not stimulus, it's loaded with Democrat special interest garbage.

It's not about whether this should pass with overwhelming support or not....it about whether this thing should pass at all as it is....many seem to feel it shouldnt.
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Old 02-06-2009, 04:33 AM
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"The debate is over!"

Jee, where have we heard that before?

Its Al Gore reincarnate.

Liberals just cant handle discourse can they? Just shove it down your throat and take it, that is their motto.
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Old 02-06-2009, 04:46 AM
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Originally Posted by TheHat View Post
"The debate is over!"

Jee, where have we heard that before?

Its Al Gore reincarnate.

Liberals just cant handle discourse can they? Just shove it down your throat and take it, that is their motto.

But of course Obama would say that, the Congressional Budget Office just stated the stimulus would have a negative effect on the economy on Wednesday.

http://www.washingtontimes.com/news/...ver-long-haul/
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Old 02-06-2009, 04:49 AM
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But of course Obama would say that, the Congressional Budget Office just stated the stimulus would have a negative effect on the economy on Wednesday.

http://www.washingtontimes.com/news/...ver-long-haul/
Now that is funny.

This bill is just liberal spending, using the recession as cover fire.
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Old 02-06-2009, 04:51 AM
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Bottom Line.

What needs to be done, will be done. The do-ers will do. The whiners will whine.

If it doesn't work, we'll try something else. And the whiners will whine about THAT, too.

If it DOES work, watch the whiners try to take credit.
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