With unemployment rising and the signs of slowdown all around, is a second tax rebate or second stimulus check from Congress up ahead?The U.S. economy continues to slow. More than 800,000 jobs have been lost since the slowdown began about a year ago, and many economists say the lay-offs are likely to continue or even increase.
Meanwhile, the world's major industrialized nations are striving to stabilize the global financial system and end a credit crunch that could further damage economies around the world.
Well, the answer to the question about a second stimulus check may very well rest on the answer to this one: Who are you voting for on Election Day, November 4?
Key factor: 2008 Election
Congressional Democrats, led by House Speaker Nancy Pelosi, D-California, have vowed to push for a second stimulus package totaling up to $150 billion to help jump-start the anemic U.S. economy, The San Francisco Chronicle reports.
Pelosi and other Congressional Democratic leaders say a second tax rebate is needed to prevent the U.S. economy from falling into a deeper recession. The stimulus package is likely to include money for infrastructure projects, aid to cash-strapped states, an extension of unemployment benefits and another round of tax rebates or tax cuts to boost consumer spending.
Further, here's why your vote on November 4 could very well determine whether the package is approved or not: President Bush and other Republicans in Congress are against a second stimulus package, CQ.com reported. The Democrats do not have a enough votes to override a Bush veto with a required two-thirds vote by both the House and Senate in a lame-duck session of Congress held before the new U.S. president is inaugurated and new Congress convenes in January 2009.
"What they [the Democrats] have presented before couldn't pass the Congress itself, and it was not something that we thought would actually stimulate the economy and have an immediate impact," White House press secretary Dana Perino told CQ.com.
In the current Congress, the Democrats hold a 233-198 majority in the House. The Senate is knotted at 49-49, with 2 Independents.
If President Bush vetoed a second stimulus package, which is likely, the Democrats would need to secure 288 yes votes in the House, and 67 in the Senate to override the veto. There's almost no chance that the Democrats could secure enough Republican votes to override the presidential veto.
Further, if U.S. Sen. John McCain, R-Arizona, is elected president, he too, would probably veto a second stimulus package, although he might favor a different one: a package that's tilted heavily toward more tax cuts for small businesses, corporations, and oil and energy companies.
If U.S. Sen. Barack Obama, D-Illinois, is elected president, he'd probably sign a second stimulus package.
Political / Economic Analysis: So if you feel a second rebate check and/or income tax cut would help the economy, vote for Democrats for Congress and Barack Obama for president.
Conversely, if you feel a second rebate check isn't needed, or that it won't help the economy, or that the money would be better spent on tax cuts for businesses, or that it isn't the role of government to help, vote for Republicans for Congress and John McCain for president.
Keeping in mind that Congress is not likely to approve a policy the public does not support, it makes sense to find out what our readers think.
In your view, should Congress pass and the president sign a second stimulus check?
a) Yes.
b) No.
c) Not sure.
d) None of the above / something else.
Let us know what you think.











Reader Comments (Page 1 of 4)
10-15-2008 @ 4:50PM
JDSalinger12 said...
This is coming and it is not surprising. We know we will continue to have a number of bad days with a few rebound days. Bottom line: the US markets are too unstable in the near future. Investors really need to make changes to their investing strategy if they have not already, especially since the market has not hit the bottom yet.. This means move money into T-bills and municipal bonds and invest some overseas to guard as a hedge against the coming inflation of the US dollar. I use offshore bank accounts for this and they have helped me. If you would like to learn more, feel free to visit my site.
Best,
Frank Miller
http://www.theoffshorebankaccount.com
10-15-2008 @ 4:46PM
Jason Condit said...
Again, another slanted writer. That's BS that McCain wouldn't approve of a second stimulus package going to us. Heck, Bush did the first one not the Democrats. They were shamed into doing it after Bush pushed for it!
10-15-2008 @ 6:41PM
Kevin said...
You really think a Democrat is going to cut taxes??? I have a bridge in Brooklyn for you!!!
10-15-2008 @ 5:18PM
andrea said...
I believe we should get another stimulus check. personally I am unsure of whom to vote for this election year. I only hope whoever gets in helps the country and get's the troops out of iraq.
10-15-2008 @ 5:29PM
Ted said...
I wonder what would happen if, as much as we can, bought products made in the USA.
10-15-2008 @ 8:37PM
Cheryl Liniman said...
Quite frankly, it never ceases to amaze me how clueless many people still are. Bush came up with the tax rebates only as a way to try to shore up the economy after he and his cronies raped us and the bottom started falling out. The Democrats were not "for" the rebates because it meant using the taxpayer's money, taking a loan out that the taxpayers will ultimately pay interest on, in order to turn around and "give us" a rebate check. It's obvious that Republicans don't understand the analogy that it's like using a credit card .... it's not free, and using a credit card is, in actuality, taking out a loan. Loans have to be paid back and loans come at a huge price with interest. If Americans only had the intelligence to decipher what's really going on. I would not support another rebate, even though I could really use the money since my husband passed away 3 weeks ago ... because I know that those rebates come at a huge price. The Democrats know it ... the Republicans are just pulling another "rabbit out of the hat" and trying to make people think they're doing something great for you. Same thing with the government bailouts for the banks, etc. That's YOU and ME paying the crooks who screwed us. And Congress was strong-armed into voting for it because the Bush administration threatened them with martial law (and canceling the elections) if they didn't pass it. People need to know what's REALLY going down. People need to be very careful which way they vote. If the economy totally goes down the tubes, which is the direction the Republicans have taken us, there will be rioting in the streets, and Bush and Cheney will have us right where they want us ... under full government control ... the dictatorship he has been striving for.
10-15-2008 @ 6:28PM
really doesn't matter... said...
Sure a check would be nice but I think that this time "everyone" should get a stimulus check not just those that make under $150K. I have three kids and unfortunately had to transfer with a job and bought a house at the high end of the market...so now the gov't says I make too much money to get one of these hand outs!! The democrat's screwed me out of close to $150,000 by opening up the floodgates to sub prime mortgages and consequentially devaluing my house. Do the research it is true and is important and you will never hear it in any of the mainstream news outlets...go look for it!!
10-15-2008 @ 6:42PM
Kevin said...
Do you reaaly believe Obama won't raise taxes???
If so I have a bridge in Brooklyn for you!!!
10-15-2008 @ 6:44PM
RickRussellTX said...
That's the legislative solution? Print more money? Look at how well that's worked for great republics like Zimbabwe, Argentina, and the Weimar Republic.
Pelosi is pushing this plan for one reason and one reason only: she wants to prime the pump for the voting season. "Vote for us and we'll send you a check."
10-15-2008 @ 7:16PM
Arthur Lee Davis said...
Jason Condit : Your facts are correct, regarding the most recent economic stimulus package. Whether another comes down the pipeline to us remains to be seen. Picture this: Holidays are ahead, many major firms are in big trouble, lay-offs are in the thousands, plants closing right at the holiday season. Housing problem: Much worse. Whole families in shelters. Few tent cities, and many charities are strained. The situation does not get better as I continue to paint the true picture. Atleast, not from where I sit. The looming bleak holiday season is a catalyst for some unexpected figures to increase. THINK ABOUT IT... Were they going to rise anyway? Your guess is as good as mine. Send ALL of us another E/S Check, PLEASE? We need the cash flow. THANKS !!!
10-15-2008 @ 8:01PM
jneuman said...
use the sense God gave you! The market has been going down. Do you not think that everything else is going too? A paltry 1.5% and we have mass hysteria to the tune of 700 points. Wall Street is rediculous. There is no rhyme nor reason for any of their knee-jerk reaction to anything, in the last 5 to 6 months. One indicator, does not always create a common-sense connection to events, and that is what has been happening in the market. If news is good, I expect the market to go up. Bad news, market down. 1.5 percent decline in retail in relation to everything else that has been going on and we have a 700 point loss, and needs to be put into context!
Wallstreet needs to get a grip!
Maybe you should not have the job you have as you struggled at "connect the dots"!
10-15-2008 @ 8:15PM
william lindblad said...
Slanted and a total lie. My present Congressman is a VERY conservative Republican and I can produce a STATEMENT given to all that care that says a second stimulus was under consideration. That is TWO months ago. He did say that, 1st he wished to see if it was warranted and second that his interest was more in the way of relief considering the high price of fuel and respective utility costs for the average taxpayer. I would like to point out that this man has a track record of voting NO on just about everything that is "pork barrel" related. He is in the minority - he represents his constituents. How about we ask Frank, Schumer, Dodd, Waxman just how we got into this fiasco in the first place. I think we should all be asking what their interpretation of Oversight is?
I am still asking why the head of the OFHEO still has his job and has not even been called in to explain why he let Fannie and Freddie's CEO go wild with greed. We should really have a little investigation, but the truth would be better handled on election day. The DEMOCRATS have been in charge of the taxpayers purse. Ask yourself - did they do a good job?
THEY CHAIR ALL OF THE FINANCE AND BANKING COMMITTEES. VOTE THEM BACK AND YOUR GRANDCHILDREN WILL STILL BE PAYING.
10-15-2008 @ 9:01PM
ROBERT WILKERSON said...
I'M STILL WAITING FOR MY STIMULUS CHECK.
10-15-2008 @ 11:50PM
Lin said...
Cheryl Liniman..martial Law and cancelling elections? LMAO LOL LOL LOL. That's the best one I've heard so far. Did you not understand the article it was house speaker Pelousi, a flaming Dem, that vowed to pass another stimulus.
10-16-2008 @ 3:08AM
patriot said...
I will be glad to take the check.I worked all my life,never once collected unemployment even when entitled,just went out and found another job. Worked full time went to college full time at night.No handouts were available for my education, but when i see these lousy rich bastards at AIG spending my hard earned money on junkets and laughing at us,senators giving away my social security to illegal aliens etc ,i say give me my check! I want back some of what i worked for!!
10-16-2008 @ 3:14AM
J Michael said...
We have the power of "Billing Iraq" for the liberation done in that Country (2 Trillion dollars)! Whether or not we accept payment in dollars or oil matters not!
We then slowly pull out, leaving a small contingincy of advisers along with the UN thus saving addional $300 Billion per year that can be put back in our own Country!
Now we can export building materials, grains,electronics etc. to "Up Start" their economy as well as our own.
10-16-2008 @ 9:11AM
Becky said...
I'm praying for another stimulus check. When I got the last one, I went out and spent it all on my two kids. They need clothes and shoes when school started. I couldn't afford it any other way. I also bought LUXURY??????? items such as toilet paper, paper towels, laundry detergent, and soap. Please send another check. I like having these luxuries.
10-16-2008 @ 10:09AM
cpm said...
pray..pray pray..thats all we can do...the check would be great!pennies counted daily..anything helps..i hope the right man wins president of our country and we all make it thru these very hard times...god bless
10-16-2008 @ 11:45AM
Mary said...
I'm so happy to see that New York Attorney general Cuomo is going after AIG biggies for their elaborate spending - I hope they all go to prison.
10-17-2008 @ 1:53PM
bev said...
Frankly, I think the 750 billion should be used on Americans Families. Everyone is so worried about the market but what about blue collar and poverty stricken Americans. I think the 750 should be split between taxpayers that make under 100,000 yearly. With one stipulation that they have to pay off or catch up their mortgage payments. Hey theres an idea. People getting to keep their homes and banks getting their money. If there is any money left in their pocket so be it and us it for bills, their childrens college tuitions or just to simply invest in what ever they want. I believe its taxpayer money they are using so why not give it back to the taxpayers and only the ones who have filed their taxes. That would a great economy booster.