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Archive for Tuesday, February 17, 2009

Obama signs stimulus legislation

President Barack Obama picks up the first pen, left, signs the $787 billion economic stimulus bill, middle, and jokes, right, about having to use more than one pen to sign the historic bill during a ceremony Tuesday in the Museum of Nature and Science in Denver.

President Barack Obama picks up the first pen, left, signs the $787 billion economic stimulus bill, middle, and jokes, right, about having to use more than one pen to sign the historic bill during a ceremony Tuesday in the Museum of Nature and Science in Denver.

February 17, 2009

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— President Barack Obama on Tuesday signed a massive $787 billion package to revive the economy, saying the measure represented the “essential work of keeping the American dream alive in our time.”

The stimulus plan of spending programs and tax cuts is at the heart of Obama’s effort to turn the economy back into a job-creating machine. It comes with a huge price tag for taxpayers and lingering doubts about whether the plan’s results will match all the lofty promises that its supporters have made.

Obama signed the bill in Denver, the city where he accepted his party’s presidential nomination last summer and a leader in the so-called “green” clean energy jobs that the legislation supports. The president now turns his attention to a plan to help struggling homeowners who are trying to fend off foreclosure.

“I don’t want to pretend that today marks the end of our economic troubles,” Obama said before signing the legislation. “Nor does it constitute all of what we going to have to do to turn our economy around. But today does mark the beginning of the end.”

Meanwhile, the White House isn’t ruling out a second economic plan, although none is in the works right now, spokesman Robert Gibbs said Tuesday.

The legislation is the most sweeping economic overhaul plan put forth in decades.

It pumps money into infrastructure projects, health care, renewable energy development and conservation, with twin goals of short-term job production and longer-term economic viability.

There’s a $400 tax break for most individual workers and $800 for couples, including those who do not earn enough to pay income taxes. It dishes out tens of billions of dollars to states so they can head off deep cuts and layoffs. It provides financial incentives for people to start buying again, from first homes to new cars.

And it provides help to poor people and laid-off workers, with increased unemployment benefits and food stamps, and subsides for health insurance.

Ahead of Obama’s arrival in Colorado, the White House went live with a Web site, www.recovery.gov, that will allow people to track where the money is being spent. The White House press office also promoted the projected job growth for each state and congressional district.

The failing economy continues to dominate Obama’s time.

Tuesday is when General Motors Corp. and Chrysler LLC, which are living off a combined $13.4 billion in federal bailout loans, are due to hand in plans to the government about how they can remain viable. And on Wednesday in Arizona, Obama will unveil his plan to halt home foreclosures.

The unemployment rate is now at 7.6 percent, the highest in more than 16 years. Analysts warn the economy will remain feeble through 2009.

Republican lawmakers, meanwhile, largely balked at the economic package. It drew no GOP votes in the House and only three in the Senate, albeit vital ones. Many Republicans said it was short on cutting taxes and the spending measures didn’t target the vast sums of money well enough toward short-term job creation, which was the major goal of the bill.

Republican National Committee Chairman Michael Steele derided the plan, saying in a statement that “the Democrat plan focuses on putting Americans on the public dole, while the Republican plan focuses on putting America back to work.”

But with the economy shedding jobs, there was widespread consensus in Washington for some sort of stimulus, and fast.

Yet the government’s action comes at a cost down the line.

Many private economists are forecasting that the budget deficit for the current year will hit $1.6 trillion, including the stimulus spending. That’s about three times last year’s shortfall, and such year-to-year deficits contribute toward a mounting national debt.

Comments

KS 5 years, 10 months ago

This absolutely is the worst thing that could have happened to our economy. This has delayed the recovery from the now DEPRESSION. Thanks folks for putting my grandkids into the poor house to just pay for all your stupid socialization projects. Too bad there will not be any money left over for nationalize healthcare.

Brittanicus 5 years, 10 months ago

Well our so-called patriotic politicians had President Obama sign into law the Stimulus package, without any protection for American Workers? About time the US Chamber of Commerce dropped their disguise and honestly stated they are Foreign Government Chamber of Commerce. One again the average American Worker loses out, because certain corruptible politicians have killed E-Verify, so millions of illegal aliens can steal our jobs. ENACT E-verify as it will have a positive impact on all America.

They also conspired to drop 'BUY AMERICAN'. $Billions of dollars will be once again exported and not be going in American Workers pockets. We still have time to back Senator Sessions and other honest lawmakers before the deadline this March? We need E-Verify with its mandated success rate of 99.6 percent in perpetuity, not just 5 years? Jam the Washington Switchboard at (202) 224-3121 In addition you can call President Obama at 202-456-1111. Switchboard: 202-456-1414

OH! YES! AND BUY AMERICAN!

KS 5 years, 10 months ago

anxiousatheist - No, the School of Hard Knocks, but judging from your sign in name you don't have any faith in anything. I guess you don't care about the younger generations having to pay for our mistakes? If this bill doesn't work, and I don't think it will, Hussein's approval rating will be lower than Bush this time next year.

Sigmund 5 years, 10 months ago

“But today does mark the beginning of the end.” - President Barack Obama comments while signing the largest piece of legislation in history which neither he nor the Congress has actually read.

Truer words were never spoken.

Sigmund 5 years, 10 months ago

anxiousatheist (Clint Gentry) says… “I am the younger generation, and I'm already paying for Reagan's shenanigans. I'd like to thank the military industrial complex for my lack of universal healthcare. I'd like to thank republicans for endless war. But most importantly I'd like to thank Obama for restoring dignity and accountability to the White House. Obama 2012!"

Could you be any more vague with your criticism of Regan, more self centered in your demands that others pay for free stuff for you, or more ignorant of the fact that today President Obama committed more troops to war in Afghanistan?

Sigmund 5 years, 10 months ago

No, I want to make sure Clint is nice and comfy as it is obviously all about Clint Gentry. As we are here to provide for his every need I want to make sure there is nothing he wants that we can get him. Perhaps Clint Gentry is feeling a bit peckish and having spent all of his money on weed maybe we can all pitch in and get him a free locally grown organic free range pepperoni pizza delivered by a living wage transgendered domestic partner registered delivery person using a ethanol biodiesel solar electric clean coal pedal powered union built Pelosi GTIxi SS/RT Sport Edition http://www.youtube.com/watch?v=rAqPMJ...

Sigmund 5 years, 10 months ago

anxiousatheist (Clint Gentry) says… “get a job”, hee hee Nancy - Now you care about transparency? Give me a break… Visist my blog..http://relieffrombelief.blogspot.com/"

WOW! A real blogger who blogs and stuff! With a sweet deal like that surely you can afford your own health insurance!

jumpin_catfish 5 years, 10 months ago

anonymous and liken it so deal with it anxiousatheist.

America got screwed today, remember the date.

Godot 5 years, 10 months ago

Sorry, Mr Nancy boy, obama's presidency isn't finished, it has only just begun. It has only been four weeks, and look at the damage he has wrought. To quote Rahm Emanuel, you can't let a good crisis go to waste. There will be many more crises to exploit in the coming years.

Obama will never own anything. He will say, "I told you it might not work." He will say, "Sorry, gang, my bad. I promise not to do that again." He will say, "Promise? What promise? That was then, this is now." And the best one, "I am not going to listen to any argument based on a failed ideology." Of course, "failed ideology," means anything he disagrees with. And thus it will be.

Get used to it.

People should start listening to the meaning of his words, and how they are put together, rather than being influenced by the manner in which he delivers them. He is, after all, a lawyer.

beatrice 5 years, 10 months ago

Just think, President Obama has roughly another $3.5 trillion to go before he catches up to his predecessor!

If only the neocons had been speaking up back then, we likely wouldn't be in the position we find ourselves. I mean, do you honestly believe that this is all Obama's fault, or do you all simply have extremely short memories?

Besides, wasn't John McCain supposed to have fixed everything with the economy when he took those couple of days off from his campaign back in October, back when President Bush signed a bill giving even more money than the current stimulus bill to banks -- money given without any accountability? Better blame Obama, since we all know the economy was oh so robust and fundamentaly sound just last month before he took office.

igby 5 years, 10 months ago

I just finished reading the bill and really, this is just a rebirth of big federal government of the 60's, 70's and 80's. Some parts of the bill are important, however, most all jobs created will be inside the various branches of government that got cut by the last three presidents. It burdens the tax payers tremendously. The economy will not recover by this bill it will only leave the government deeply obligated to refund this bill moreover for the next two years. However, then the dems will get replaced by republicans again as the result of this bill. The economy will continue it's plunge downward.

This bill is a money bottomless pit. It creates new programs that can never be fully funded or managed with governmental conservation. It's a tax pit of broad endlessness of demand for tax dollars thrown too a wasteful scatter shot of wishful utopia.

With the republicans war and the Dems welfare being waged on Americans by government debt, their politics will bankrupt America totally. Everyone will be broke including the government and just as well, as Americans need the change. Lol.

Godot 5 years, 10 months ago

By all accounts, the meeting to which Beobachter refers was controlled by Obama. I recall the Dems deriding McCain for not having taken charge of it. Obama owns TARP, lock, stock and porkbarrel. This is supported by Obama's choice of Treasury Secretary: Timothy Geithner, the architect of TARP.

jayhawklawrence 5 years, 10 months ago

Sigmund:

"Could you be any more vague with your criticism of Regan, more self centered in your demands that others pay for free stuff for you, or more ignorant of the fact that today President Obama committed more troops to war in Afghanistan?"

I am going to defend the young person you are trying to dump on here. This statement says it all about you and your fellow Authoritarian Nazi Conservatives. You guys think you are conservatives but you don't even know what a true conservative is. Today's Republican Party is a joke.

I can't believe anyone wouldn't want to help our guys in Afghanistan. They have been getting the shaft ever since we started that Oil War in Iraq. You guys only care about painting everyone who disagrees with your lunacy as socialists or worse.

Truth is, you are not real Americans.

Godot 5 years, 10 months ago

What is Obama's exit strategy for the war in Afpakia? There must be one. Must. One cannot conduct a war without knowing when and how it will end. Obama said so. Joe Biden said so. John Kerry said so. Cindy Sheehan said so. So did Harry Reid, Nancy Pelosi, John Murtha, Dick Durbin, and nearly all the Democrats in Congress. They demanded that Bush tell our enemies fighting our troops in the war in Iraq under what terms, and when, he would give up. I expect no less from Obama.

beatrice 5 years, 10 months ago

the messiah? What does Jesus have to do with it?

beatrice 5 years, 10 months ago

Godot, his exit strategy will be to do nothing for his entire eight years to end the war, he will double the national debt, and then he will exit the White House by leaving a broken country to the next president, just so he can be exactly like your hero George Bush. Now clearly, that must be an exit strategy that will make you happy, no?

Of course, we do need to also let him first ignore intelligence reports that might have prevented the greatest attack by terrorists on American soil in order to be just like your hero.

Face it -- the Republicans absolutely blew their chance, and the only thing you are left with are your crocodile tears and your guns, although personally I'm surprised Obama hasn't confiscated them all already. I mean, he has been in office for a month, and isn't that what you whiners were saying would happen right away? Now, get on your knees and pray to Allah!

igby 5 years, 10 months ago

Harry Reid's mega-high-speed rail line from Vegas to Disneyland; this really says it all for the stimulus. It's a liberal pork and bean's picnic; Liberal Special Interest gets the pork and the poor folks may get a bean some day later.

TacoBob 5 years, 10 months ago

Obama pushed, cajoled. chastised, touted, marketed, drove and pounded this thing through. He says it will work. The Dems passed it along with him. No back peddling now! They own it lock stock and barrel.

So Beatrice, get on board and own it too. Your guy says it will work. The GOP lost, Dems need to get over it.

Haiku_Cuckoo 5 years, 10 months ago

It took Bush six years to spend this much money.

It only took Obama four weeks.

This country is in deep doo-doo.

Flap Doodle 5 years, 10 months ago

Back in DC, Burris is spinning like a top coming up with different stories about just how much he was in the bag with Blago. Barry, Blago & Burris: Chicago birds of a feather.

Godot 5 years, 10 months ago

My sincere apologies, Beobachter. I was responding to Beatrice. So many Bea(o)s, so little time.

Godot 5 years, 10 months ago

So, really, what is the exit strategy from Afpakia?

beatrice 5 years, 10 months ago

Come on Godot, there is no exit strategy -- now, aren't you happy? You sure were happy with it before.

TacoBob, we will have to wait and see if it works, now won't we. I mean, doing nothing wasn't an option. It would be really easy to say it won't work before giving it a chance, but the reality is, you don't know, nor do I, although I hope it does work. Just giving the rich more tax cuts wasn't going to work, as we have learned. But please, think about this -- if it works and the economy does recover, will you be upset for being wrong?

And remember, this stimulus package to keep Americans working is for less money than Bush gave to Wall Street and bankers. Let us all hope both plans end up working.

Godot 5 years, 10 months ago

Sorry, beatrice, I will not accept "no exit strategy" from Obama. He must have one in place before he sends another American disadavantaged youth into harms way. And, where are the replacements for the defective humvees? And what about all that defective body armour? How dare Obama send our children to war without the proper protection?

And where is Halliburton in all this? Has Obama trained enough disadvantaged youths to be cooks and toilet washers to replace the overpaid contractors employed by Halliburton?

notajayhawk 5 years, 10 months ago

anxiousatheist (Clint Gentry) says…

"I am the younger generation, and I'm already paying for Reagan's shenanigans."

And the liberal/Democrat solution? P___ away another trillion or so in debt. Brilliant as always, aa.

"I'd like to thank the military industrial complex for my lack of universal healthcare. I'd like to thank republicans for endless war."

And I'd like to thank the Democrats for believing the solution to our education problems is to keep flushing an ever-increasing mountain of money down the tubes while all we get for it is the monumental ignorance of a younger generation making moronic statements like those.

"The assumption that I don't have a full time job, (with full benefits), is as funny as it is wrong."

And yet you still bemoan the fact that the rest of us aren't paying for those benefits. Which may make you more correct about your personal situation, but still a whining leech.


beatrice (Anonymous) says…

"Just think, President Obama has roughly another $3.5 trillion to go before he catches up to his predecessor!"

Well, he's only had 4 weeks, bea (compared to 8 years). Give the poor guy some time.

"Of course, we do need to also let him first ignore intelligence reports that might have prevented the greatest attack by terrorists on American soil in order to be just like your hero."

Pretty sure Godot's hero isn't Bill Clinton, bea. Please try to keep up.

"And remember, this stimulus package to keep Americans working..."

Please, bea, as such an enlightened one, explain to the rest of us what parts of this debacle keep Americans working.

TacoBob 5 years, 10 months ago

Actually Beatrice, for all our sakes I hope it works. While I don't agree with Obama's social agenda, we all need the economy to improve. Something had to be done, but not sure that what Obama has built will create a ton of jobs, seems misguided and porky. But he says it will work. I will glady give the credit to the Dems if they can pull it off. All eyes are on them to fix the mess both parties created. Bush is gone, get on with it.

Random56 5 years, 10 months ago

Wall Street let us know what it think of this bailout, analyst and economists aren't fooled by political speeches. banks need to get rid of their bad assets for our economy to bottom and start to recover. Until that is done no stimulus package will help. The banking industry is america's backbone, and it will be painful no matter which path we choose.

igby 5 years, 10 months ago

Godot: Their going to move all the gear out of Iraq into Affie. Just in case they have to go back into Iraq in four years. Affie will be the next Iraq, then the terrorist will move back into Iraq out from Affie. Get it!

It's called wearing the enemy down and making them broke!

Just like they did Russia!

Primitive but effective warfare against drunken western pigs who let women run their government! Lol That how they see us. Lol.

notajayhawk 5 years, 10 months ago

Wow, good comeback, anxious. "Why would we listen to you?" (Catcha' just picture cute little anxious sitting in mommy's basement with his hands over his ears, chanting 'Not listening, not listening...')

For someone claiming to be an atheist, aa, you show an incredible amount of faith in your new Messiah.

And in my comments re: the educational system, perhaps I should have said that all we got from that mountain of new spending was the monumental ignorance of a younger generation making moronic statements like those with poor reading skills. Or maybe you can point to where I 'blamed' the younger generation, anxious-a?

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