Senate pressured to OK stimulus deal

[Lone_Star_Dem]

Source: Associated Press

WASHINGTON - A much-anticipated deal between the White House and once-warring House leaders to speed tax rebate checks to workers starting in May has the Senate in a bind over whether to try to add to the measure.

Few public developments were expected Friday as lawmakers digest Thursday's announcement of a hard-won agreement between House Speaker Nancy Pelosi, Republican leader John Boehner and Treasury Secretary Henry Paulson that would pump about $150 billion into the economy this year and perhaps stave off the first recession since 2001.

<snip>

The bill will go straight to the House floor next week and on to the Senate, where Democrats such as Edward Kennedy of Massachusetts promise to try to add elements such as extending unemployment benefits for workers whose benefits have run out, boost home heating subsidies and raise food stamp benefits.

<snip>


Such ideas may be popular in the Senate, but the Bush administration has signaled it's unlikely to welcome efforts to broaden the measure, and pressure was mounting in the Senate to accept the deal.

Read more: http://news.yahoo.com/s/ap/20080125/ap_on_go_co/economy_stimulus

[bdamomma]

1. and I bet the repigs will use this so called goodwill towards

Americans in the November election to say that they care about americans, total BS.

[Lasher]

2. This just in (1 hour ago)

Senate May Scuttle Bush-Backed House Plan on Stimulus (Update1)

Jan. 25 (Bloomberg) -- The bipartisan agreement on an economic stimulus package reached by House leaders was immediately undermined by senators intent on ensuring that their ideas get a hearing before any bill becomes law.

Even before House Speaker Nancy Pelosi of California and the chamber's minority leader, John Boehner of Ohio, stood together yesterday on Capitol Hill to announce their agreement, Senate Finance Committee Chairman Max Baucus, a Montana Democrat, said he planned to introduce his own bill.

<snip>

``I do not understand, and cannot accept, the resistance of President Bush and Republican leaders to including an extension of unemployment benefits for those who are without work through no fault of their own,'' said Rangel, 77.

http://www.bloomberg.com/apps/news?pid=20601070&sid=aO.jqVQfglQA&refer=home

[phrigndumass]

3. Senate Dems have their heads on straight!

Nancy Pelosi should have insisted on including the extension of unemployment benefits. I'm very happy to see the Senate Dems trying to work it in.

Might I even suggest a cap for interest rates on credit card balances as well? Maybe Prime Plus 10? That would benefit the middle class almost immediately. And when the banks start complaining that they'll lose a hundred-billion dollars if that happens, I'd say to the banks, "So THAT'S how much you're overcharging us?!"

Just a thought ...

[Lasher]

5. I thought there was a cap on credit card interest rates

Pretty high but I thought there was one.

[phrigndumass]

6. Yes, isn't it like 32% now?

Keyword there is "high". If it were Prime plus 10, the cap would be 13.75%, or 10 percentage points over the current prime lending rate.

Anyone who has fallen victim to a subprime loan may very well be balancing their finances with spending on credit cards. If they have both a subprime loan and high interest rates on their credit cards, I'm thinking that capping the credit card interest rates at a lower figure would help them the most, and also put more money in their pockets to spend, thus helping the economy as well. It would be a bailout and a stimulus at the same time.

[Lasher]

7. I guess. They play games with it too.

Like, for the first month they charge you half the allowable annual interest for that month alone. This is not exact but representative. These are not some of my favorite people.

[old guy]

4. "pressure was mounting to accept the deal"?

Pressure from whom? The WH? Where is it written that * always gets his way? Will the Democrats please stand up to this little minded pretender and do whats best for the people not the * administration and their cronies. Please, just this once. It's not that hard. Try it, maybe it will become a habit.