Pirate's Cove

Good news. The chances of seeing an economic stimulus package anytime soon just died

The chairman of the Senate Finance Committee yesterday unveiled a rival plan to stimulate the economy, offering a $500 check to virtually every American – including low-income seniors and rich financiers – in a direct challenge to the bipartisan deal reached last week by President Bush and House leaders.

The $156 billion measure by Senator Max Baucus, Democrat of Montana, which will be drafted formally by the committee tomorrow, also would extend unemployment benefits for the long-term jobless by 13 weeks, a proposal that had been rejected by Bush and House Republican leaders as they crafted their $150 billion stimulus package.

Even if the Senate bill is better, have to wait for the analisis, this will slow passage helping the economy beyond measure. There will be revision after revision. The House and Senate will have to bring the bills together. The White House is going to have issues with all the socialized programs that will be included, as well as the pork that is sure to be embedded.

“Rebates for seniors and payroll taxpayers, extended unemployment insurance, and tax relief for struggling businesses will put more cash into the American economy right away,” Baucus said. “The White House says we mustn’t slow the economic stimulus agreement down, or blow it up. I agree. We’re going to improve it and get it passed right away.”

Baucus’s proposal is only the start of revisions. Senators on the Finance Committee and their colleagues have promised to add heating assistance for the poor, more food-stamp money, and additional business tax incentives.

“This is a package in sync with the House bill but stronger and broader,” said Senator Charles E. Schumer of New York, a member of the Democratic leadership. “Once the package gets to the floor, I will make an effort to add $500 million of emergency foreclosure-prevention funding. The housing crisis is at the heart of the economic slowdown, and more must be done about it.”

Let’s see: giving lots of money to people that do not deserve it. If you got yourself in a bad home loan, perhaps you should have read it. You yourself are to blame. I feel bad that it is happening, but, personal responsibility is important.