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Stimulus Deal Reached February 6, 2009

Posted by neoavatara in Economy, Politics.
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http://www.cnn.com/2009/POLITICS/02/06/stimulus/index.html

Senators finally were able to hammer out a Friday night deal on the Stimulus At $827 billion, this has to be considered frugal, compared to House Democrats that were pushing the deal upwards of $1 trillion.

However, today Harry Reid again claimed that the bill was approaching $1 trillion.  If so, then Republican Senators supporting the bill have much to answer for.

The news came after Ohio Republican Sen. George Voinovich concluded that his “philosophical” differences with the approach of Republican negotiators was too great, and dropped out of the negotiations. The senator said he could no longer support efforts at compromise or the final bill.

It appears that moderates Susan Collins and Arlen Spector on the Republican side would defect, as will possibly one or two more Republicans.  The most likely additional defections include Lisa Murkowski of Alaska and Mel Martinez of Florida.  But no true bipartisan bill was going to pass.  “You cannot call a bill bipartisan if it has two or three or four or even five Republicans out of 535 members in Congress,” Senator John McCain told the Senate floor.

Some of the specifics can be seen here.

All things considered, this was probably as good as we could ask for.  I am sure in the days coming we will see there is still tons of pork in this bill, but what else would you expect?  Those of you that expected real change under a President Obama should be disappointed, although you were fooling yourselves.  The President actually had a chance at changing the tenor; instead, he allowed the bill to be written by leftists within his own party, which almost derailed the bill.  He would have been better served by writing the bill in house before public consumption.

That said, if this passes, it should be considered a major victory for the President, as it is the largest spending bill in American history.  Time will tell if it is successful in its goals.  But Mr. Obama has taken the first step in defining his economic agenda.

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