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The major public policy players in Washington appear to be lining up in support of a fiscal stimulus package to help jump-start the ailing U.S. economy.

Professor Emeritus David E. RePass of the University of Connecticut once said that, "Congress doesn't react, unless not reacting will result in the Congress bearing the wrath of the American voter."

In this instance, it looks like the Congress has heard about, or has at least taken the pulse of economic conditions in their home districts, and is set to act on a stimulus package. And, by all accounts, it looks like they may do it in near-record time. (The late writer Mark Twain would add here, "Famous last words.")

Fiscal stimulus: full speed ahead

House Speaker Nancy Pelosi, D-California, said she expects to introduce an economic stimulus package after she meets with President Bush next Tuesday, CBS News reported. Further, on Friday, President Bush outlined a proposed $140 billion stimulus plan, which will include tax cuts and other tax credits, The Wall Street Journal reported. In his statement Friday, Bush did not provide specifics, but lawmakers close to the White House said the administration is set to propose tax rebates of $800 and $1,600, for individuals and households, respectively, and is set to provide businesses with a 50% tax deduction for new equipment purchases, The Journal reported.

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Altogether now: CBO, Pelosi, Bush, Bernanke agree on need for fiscal stimulus originally appeared on BloggingStocks on Fri, 18 Jan 2008 16:47:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BernankeBushCBOCongressfiscal policyGDPhousinginthenewsjob creationjobsmonetary policyPelosiPresident Bushrecessiontax cuttax rebateTwainU.S. Federal ReserveFri, 18 Jan 2008 16:47:00 EST