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.
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Reader Comments (Page 4 of 4)
11-09-2008 @ 6:45PM
tammy said...
yes i think we should have another stimuluscheck would be great i think for everyone. with three kids not much money a another check would be great stressing over christmas and living pay to pay check. yes i think a another check would help stores and families for christmas.
11-10-2008 @ 8:29AM
Anna Lockridge said...
YES I THINK EVERYONE SHOULD RECEIVE A CHECK,IT'S SO BAD NOW GAS IS GOING DOWN BUT THE PRICE OF FOOD AND EVERYTHING ELSE IS STEADY RISING.
11-12-2008 @ 1:39PM
kathy said...
Due to the fact the we the the tax payers are bailing out wallstreet,and alot of us are layed off and worry about groceries and putting something under the tree for our children,i think a second check would be the right thing to do.People have no where else to turn. kathy
11-11-2008 @ 6:38PM
K. M. said...
Frankly, the system is set up to fail. Any money circulating has intrest that has yet to be paid back. This country is so far into debt that even if we wanted to correct the wrong we couldn't. President Bush already signed something with Mexico and Canada saying if the economy goes down then we unify our money and start using what is called the Amero dollar. I hope they do give another check so that I can make it another two weeks because my unemployment check is running out and I am not getting any call backs for a job. So, I say do your research and just count it a blessing that you are still living another day.
4-27-2010 @ 11:02AM
Chris said...
A Second Stimulus? For Real?
WoW! Think for a moment.
WHENEVER money is created, a debt is created that the original
investment/divestiture cannot repay. The "Fed" is a private banking institution that creates "money" out of thin air and collects the interest and 85%(at least) of the face value of the note.... we the taxpayers get to prolong our indebtedness forever. Second Stimulus? It isn't a Republican or Democrat thing.
It is Socialist in true form. The only thing is, many people assume the government was meant to bail them out. Truth of the matter, our founding fathers did NOT intend for the U.S. to become another Europe. Read the Constitution... if you can get an original transcript. We were never supposed to have a centralized bank. The Constitution says only Congress can mint coin and print currency and decide the value of such. The Federal Reserve is a privately owned and operated corporation. It is NOT controlled by Congress. A Second Stimulus? We get what we deserve for our ignorance.
(By the way inherited debt is common in Europe.) Should we continue to roll-over when "experts" demand our respect, money, livelyhood or that of our children?
A Second Stimulus? Wow.
Socialist Capitalism. We have recieved what we deserve by our ignorance.
11-13-2008 @ 7:23PM
Meredith said...
I do believe we should get another check when you have kids its hard nd its hard without I think we all deerve a little more to help us and everybody to.
11-14-2008 @ 12:57PM
DRPG said...
Everyone wants to talk about the problems that are going on in the economy. Who is going to do something about it? We all need relief regardless of being rich or poor. Democratic or Republican. Someone needs to listen to the population and stop trying to make decision for them. Bring the 2nd stimulus check it is greatly needed.
11-21-2008 @ 3:35PM
Travis said...
We have alot of “American” who are all about gimme gimme… its amazing, if you relly think about it. Our grand parents and great grandparents and great great grandparents had it harder still and yet they survived the great depression by paying cash for what they needed… notice the word NEEDED and not “wanted” If we all lived in the means we are paid. We as all americans would have a much better enconimy.
Earlier some one put this in, I totally agree.
Try reading the book “Financial Peace” by Dave Ramesy… he is a very conservative financial advisor who lays out step by step the process of getting ones finances under control.
http://www.daveramsey.com/
Im 31 and my wife and 2 children, we have paid off almost $15,000.00 in 3 years because we lived by paying cash ONLY and no more of this gimmie crap. I work 2 full time jobs to make it happen. Yes, I know I will hit flack from the “Single moms and dads” However, Dave has Plans for you as well. Read the book. If no read, you can not give me real flack. Just like if you do not vote, you can NOT complain on the presidency.
11-21-2008 @ 4:45PM
Trav said...
We have alot of “American” who are all about gimme gimme… its amazing, if you relly think about it. Our grand parents and great grandparents and great great grandparents had it harder still and yet they survived the great depression by paying cash for what they needed… notice the word NEEDED and not “wanted” If we all lived in the means we are paid. We as all americans would have a much better enconomy.
Earlier some one put this in, I totally agree.
Try reading the book “Financial Peace” by Dave Ramesy… he is a very conservative financial advisor who lays out step by step the process of getting ones finances under control.
http://www.daveramsey.com/
Im 31 and my wife and 2 children, we have paid off almost $15,000.00 in 3 years because we lived by paying cash ONLY and no more of this gimmie crap. I work 2 full time jobs to make it happen. Yes, I know I will hit flack from the “Single moms and dads” However, Dave has Plans for you as well. Read the book. If no read, you can not give me real flack. Just like if you do not vote, you can NOT complain on the presidency.
11-22-2008 @ 11:34PM
nancy said...
I hope they do send out another stimulas check, my husband and I are raising our grandchildren right now going through it all over again only we both work hard have had to go into my 401 to help with things, my husband work has slowed down and that really hurts, didn't think we would be struggling at this time of our lives when we should be enjoying things, can't even begin to get the xmas spirit and that's really ashame especially for our grandchildren. It's ashame we'll be working for the rest of our lives, not enough to retire on, so they need to get our own country in order and take care of the future of our children, and grandchildren. God Bless America!
12-02-2008 @ 2:28PM
Gabrielle said...
I really would be grateful to get a 2nd check. I know that it won't help a lot but its better than nothing. My husbands disability checks have been cut drastically and I am working as a CNA but still its not enough. We are getting by barely which I am thankful for ,but we have to live food bank to food bank because the FIA office takes my grose amount I make which is taxes I don't even get. It would be nice to get the amount without taxes but that is in a dream world. I just don't think that we will get it before the holidays.
12-03-2008 @ 7:53PM
dawn said...
are we getting a second check
12-12-2008 @ 5:29AM
b.wiser said...
The people need a second stimulus check because of the rising prices and if Congress can bail out certain companys we deserve to get one since the economies going under. I hope the Republicans are on our side{American}.