As the new year gets closer the President-elect and his team are making plans for the new year, and his first term in office.
One of the first things on the table, a stimulus package that could reach or exceed $775 billion dollars.
Regarding the new administration’s stimulus plan, Mr. Axelrod also said that the exact dollar amount Mr. Obama will seek has not yet been determined. “We’ve talked about a package from $675 billion to $775 billion,” he said on CBS’s “Face the Nation.”
“One thing I think everyone agrees on, economists from left to right, is that we have to do something very large,” he said.
I'm interested to see just how large this bill gets, and just how much pork finds its way into this huge (and getting larger) bill. Just a month or so ago they were saying that the bill would reach 500 billion. Now they're saying it could be 675 to 775 billion. I wouldn't be surprised if the final bill pushes one trillion dollars in size. And all of that is without any stimulus checks!
Everyone and their uncle is lining up for their piece of the pie right now, looking to close budget gaps, pad their spending for infrastructure, and line the pockets of government special interests across the board.
As you can tell I don't have a lot of faith in our government and their ability to spend stimulus money wisely.
Also on the Sunday morning shows this week David Axelrod talked about tax cuts.
The president-elect also intends to follow through quickly on his promise for tax relief for most Americans, Mr. Axelrod said, this time on “Meet the Press.” As for repealing the Bush tax cut for the wealthiest Americans, he said that whether it was repealed early or allowed to expire as scheduled at the end of 2010, the tax cut would eventually disappear.
“It’s going to go, it has to go,” he said.
So tax relief for some (which I like), but not for others. Interesting how tax cuts “have to go” for those creating wealth and jobs. To me that seems a bit odd.
Not everyone is lining up to rubber stamp the idea of a huge 775 billion stimulus package.
Senate Minority Leader Mitch McConnell (R., Ky.) in a statement Monday supported the idea of using federal spending to boost the economy. But he warned that the price tag, which could approach $800 billion over two years, shouldn't become an excuse for funding undeserving projects.
“We should have a simple test: Will the yet-unwritten, reportedly trillion-dollar spending bill really create jobs and grow the economy — or will it simply create more government spending, more bureaucrats and deeper deficits?” Mr. McConnell said.
That's my question. Will a stimulus package really do anything but make the government more powerful and widespread? Will it be filled with pork? Will it mean even bigger deficits?
What do you think about the proposed stimulus package? Is it getting too big? Is it not big enough? Would you like to see it include stimulus checks as well? Let us know your thoughts below.