Bush Urges Congress To Pass Stimulus Bill

Senate Under Pressure To OK Economic Package To Get Tax Rebates To Workers In May

(CBS/AP)  President George W. Bush urged Congress on Friday to quickly pass an economic stimulus package void of extraneous spending, saying only quick action will kick start the sputtering U.S. economy. "I strongly believe it would be a mistake to delay or derail this bill," Mr. Bush said.

"I understand the desire to add provisions from both the right and the left," the president said, adding that would be an error.

The president made his remarks at a gathering with House Republicans attending a congressional retreat at a mountain resort near Washington.

A much-anticipated deal between the Bush administration and once-warring House leaders to speed tax rebate checks to workers starting in May has the Senate in a bind over whether to try to add to the measure. The White House warned against that on Friday.

Few public developments were expected Friday as lawmakers digest Thursday's announcement of a hard-won agreement between House Speaker Nancy Pelosi, Republican leader John Boehner and Treasury Secretary Henry Paulson that would pump about $150 billion into the economy this year and perhaps stave off the first recession since 2001.

The Senate very often wins its battles with the House. But now, with the power of the administration behind them, House leaders are optimistic that their simply drawn measure - providing rebate checks to 117 million families and $50 billion in incentives for businesses to invest in new plants and equipment - would prevent the Senate from making significant changes such as extending unemployment benefits.

The White House is pressing for quick action and leaders in the House fear that if the Senate attempts to rework the legislation the deal could come apart. President Bush's press secretary, Dana Perino, suggested that Bush would be opposed to increases in spending by the Senate.

"We believe that this a very good bipartisan compromise and it would be unfortunate if the Senate did anything to slow it down or blow it up," she said. "It will give the economy the boost that it needs but only if it arrives on time. ... There is a need for speed when it comes to this economic growth package and Americans are expecting action now."

Under the agreement announced by the White House, Boehner and Pelosi, individual taxpayers would get up to $600 in rebates, working couples $1,200 and those with children an additional $300 per child. In a key concession to Democrats, 35 million families who make at least $3,000 but don't pay taxes would get $300 rebates.

The rebates would phase out gradually for individuals whose adjusted gross income exceeds $75,000 and for couples with incomes above $150,000. Contributions to IRA and 401(k) retirement accounts and health savings accounts would not count toward the income limit.

"This package will lead to higher consumer spending and increased business investment," Mr. Bush said in hailing the agreement.

The bill will go straight to the House floor next week and on to the Senate, where Democrats such as Edward Kennedy of Massachusetts promise to try to add elements such as extending unemployment benefits for workers whose benefits have run out, boost home heating subsidies and raise food stamp benefits.

Kennedy said he wants "to strengthen this package to provide unemployment insurance to workers looking for jobs and to help families coping with high heating costs and skyrocketing food prices."

Such ideas may be popular in the Senate, but the Bush administration has signaled it's unlikely to welcome efforts to broaden the measure, and pressure was mounting in the Senate to accept the deal.

"The American people are not going to have a lot of patience for taking time," Paulson said.

Still, many Democrats, including House Ways and Means Committee Chairman Charles Rangel, D-N.Y, were deeply unhappy that Pelosi agreed to jettison those proposals during the talks.

"I do not understand, and cannot accept, the resistance of President Bush and Republican leaders to including an extension of unemployment benefits for those who are without work through no fault of their own," Rangel said.

If the Senate gives quick approval, the first rebate payments could begin going out in May and most people could have them by July.

It has become increasingly clear that the economy is teetering on the edge of recession, if it hasn't already gone over that line. The crisis in subprime home loans has hit hard at many lending institutions, cramping credit for almost everyone else. Economic growth has all but disappeared, companies are reporting big losses and Wall Street had been tumbling day after day - even after emergency Federal Reserve rate-cutting - until Wednesday's hopeful talk about the stimulus deal. The Dow Jones industrial average was up more than 100 points Thursday after soaring nearly 300 the day before.

For businesses, the stimulus measure would allow them immediate tax write-offs for 50 percent of the purchase price of plants and other capital equipment and permit small businesses to write off additional purchases of equipment. A provision to allow businesses suffering losses now to reclaim taxes previously paid was dropped in end-stage talks.

Senate Majority Leader Harry Reid, D-Nev., said the goal was to send the package to the White House by Feb. 15 for Mr. Bush's signature. He noted, however, that the Senate was likely to try to add more spending for the unemployed, food stamp recipients and states suffering budget crunches.

Bush had supported larger rebates of $800-$1,600, but his plan would have left out 30 million working households of people who earn paychecks but don't make enough to pay income tax, according to calculations by the Urban Institute-Brookings Institution Tax Policy Center.

Meanwhile, the housing market keeps getting uglier, reports CBS News correspondent Anthony Mason. New figures show the median price of a single family home actually fell last year for the first time since the Great Depression, while sales plummeted 13 percent - the largest decline in 25 years.

To address the mortgage crisis, the package raises the limit on Federal Housing Administration loans from $362,790 to as high as $729,750 in expensive areas, allowing more subprime mortgage holders to refinance into federally insured loans. To widen the availability of mortgages across the country, it also provides a one-year boost to the cap on loans that Fannie Mae and Freddie Mac can buy, from $417,000 up to $729,750 in high-cost markets.

[stddating]

I don''''t know who you think he''''s buying votes for. He already has filled out his two terms. Unless you think he''''s trying to sew-up the deal for a Republican canidate.

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[engineer1503]

G. Bush says "In six months I''ll send you fifty cents, you may go buy some ice cream. By the way, I borrowed the quarter from the Saudis and Chinese. We''ll send you the bill in a year or two. And we''re charging you interest."

G. Bush, running the USA just like did when he was a Texas CEO. Oh wait, didn''t that oil company go bankrupt?

[homespunlady]

Personally I DON''T have a dog in this race.

I DIDN''T get the LAST "rebate" of STOLEN from the nation''s Treasury money and I WON''T be seeing the next.

I''m NOT whining about it. I''m PITYING the IDIOTS that Can''t seem to UNDERSTAND BASIC Economics!

MY ONLY REGRET is my "idealism" and "faith" in our Constitution which is now DESTROYED.

KIDS DON''T believe that joining the MILITARY is "patriotic" like I did.

I LEARNED the HARD way it''s FAR FROM that!!

- It''s just being a "PATSY" and when you''re DISABLED and a "useless eater" as some here believe and COMPLAIN about - the PAINFUL TRUTH will be all you have.

[homespunlady]

pepperwood2

So you''re saying that the poor should **** and go quietly FURTHER down the road into ABJECT poverty while the TINY MINORITY at the TOP SQUEEZES every LAST DOLLAR of wealth from this nation.

THEY ALREADY have HOARDED MOST of it and have GIVEN AWAY the REST to their FOREIGN BUDDIES - Like the BIN LADEN FAMILY of BILLIONAIRES!!!

DID NOBODY LISTEN to Bernacke - the FED Chairman DESCRIBE the "CRISIS"????

WE HAVE a CASH FLOW PROBLEM!!!!

That means THE SEWER STOPPAGE of money FLOWING TO THE TOP of the wealth PILE and NOT FLOWING DOWN to EVERYONE ELSE has reached CRITICAL MASS and is about to EXPLODE in either a WORLD-WIDE FINANCIAL CRISIS or less likely from all the "dumbed down" of our Nation of IDIOTS - a NEW Revolution that could echo throughout a LOT of other nations in similar straights!!!!

This PLOY of BORROWING MORE to PACIFY the DESPERATE will NOT WORK!!

It''s a "temporary" measure to BUY TIME in order to figure out HOW to avoid the upcoming DISASTER!

We''re on a set of tracks and the TRAIN is about to HIT this nation and all the MSM controlled DUMB BUTT peasants can do is finger point at each other because they''re TOO DUMB to GET OFF THE TRACKS!

[pepperwood2]

Mr. Gumpa you wrote:

Add another few billion to the deficit he has already borrowed from China. Maybe a few moron''''s like you will conveniently forget who got us into this financial mess come election time! We all know why we are getting this tax break! Bush isn''''t even clever enough to cover up his buying votes!

Dear Sir - America is in debt because, as Senator Byrd said "There is too much consuming going on out dere". Most of us are in debt because of our Wants & Give me''s. Want this & Give me that. Even if we don''t need it your friends in congress, over the years, have made it easier to get those things. How you ask? Don''t be a complete imbecile, if you can help it, credit cards, lower mortage rates, refinancing, a new car in every garage, new home on every lot, chicken in every pot. Your American Way has cost us dearly.

Balance the budget, huge deficits, etc. what a joke. The so called surplus as you imbeciles called it was credited by the huge Clinton tax increases on your wages, benefits, tips, of the lower working classes.

The wastes in Medicare, pork barrel projects, education, welfare, etc were never addressed. You don''t create a surplus by the raising taxes on the working class.

Downsize, cut your spending, reduce your wants, & giveme''s, and you the consumer & this Country will be better off.

[standlee5]

They could also stop the flow of money streaming into Mexico from illegal workers. Keep the money in the US. A worker has resident alien status works all year deducts six kids and a "wife" that actually live in Mexico then sends the $5K tax refund straight down to Mexico.

[standlee5]

This is so stupid. If they want economic stimulus cut taxes. Straight accross the board tax cut. Business and Individual. Done. Congress is going to slice and dice this and it''ll be a year before anything comes of it if anything does come of it.

[joegene2001]

THANK YOU PRESIDENT BUSH. THIS REBATE WAS AN EXCELLANT IDEA...............................

[Con Mohrat]

(CBS/AP) President George W. Bush urged Congress on Friday to quickly pass an economic stimulus package void of extraneous spending, saying only quick action will kick start the sputtering U.S. economy. "I strongly believe it would be a mistake to delay or derail this bill," Mr. Bush said.
==========

More hogwash. It''s January. Checks go out in May. Where''s the hurry?
Congress, wait until after the Easter recess to look at this, AFTER working on the Child Healthcare program the rogue vetoed.

[slim1h2o]

3 Tax alcohol, tobacco, firearms, gambling, and marijuana
Posted by brianbwb,

I like all your ideas, but they already tax the h3ll alcohol, tobacco. Firearms? Not sure of about the tax rate on those. Gambling? Already taxed at the 40% to 60% levels now. And, marijuana, well we''d have to legalize that, and the alcohol, tobacco, and Big Pharma. won''t allow that to happen.

And too,,I''d like to see some provisions that would mandate that Doc''s do their jobs, and treat their patients, or release them to a Doc that can. In other words,, a guarantee to us patients that they are doing their jobs.

[pilgrimsway-2009]

Hello usmcvn,
THE ONLY WAY TO GET OUR JOBS BACK IS TO GET RID OF NAFTA!

[brianbwb-2009]

Posted by SoftwareEng

I have a slightly more friendly plan;

1. Replan and rebuild all federal highways, bridges, schools, hospitals, airports, and telecommunications under tight, computerized federal supervision.

2. Any currency printed to inject into the economy goes straight to those doing the actual work, not to agents, CEOs, or other middlemen.

3 Tax alcohol, tobacco, firearms, gambling, and marijuana.

4. Subsidize med school in exchange for a 4 year bond to work in the public hospitals, at a decent and fair wage, publish rates for all treatments press the private hospitals and insurers to improve their access and service.

5. Tax any vehicle capable of speeds over 100 mph, at a tax rate of 100% the price of the car.

6. Establish stiff fines, no judges'' discretion of $150k per person, for any business employing illegal aliens, or paying less than standard local living wages and benefits.

7. Recover embezzled war profits through a full and complete auditing of all companies receiving contracts re the Iraq "war", including seizing assets.

8. End foreign military aid to any country in possession of modern military capabilities

9. End aid to any country that cannot account for how the aid was spent.

10. End tax exempt status for all religious organizations possessing assets of 10 million dollars, and those who engage in political activities.

Less taxes, more results.

[huanaco]

WHERE IN HELL WE ARE GOING TO GET 20 BILLIONS DOLLARS IF WE US A COUNTRY ARE BROKE ? WE DEPEND IN FOREIGN MONEY TO KEEP ROLLING . THIS CRISIS WILL KEEP GOING ON DESPITE THE BUSH,S SOLUTION WHICH AT LEAST IS GOING TO TAKE MONTHS TO BE IN PRACTICE. IMPEACH THE BOZO AT THE TOP, HE IS THE CULPRIT.

[slim1h2o]

We all know why we are getting this tax break! Bush isn''''t even clever enough to cover up his buying votes!

Posted by grumpas at 09:01 AM : Jan 26, 2008

I don''t know who you think he''s buying votes for. He already has filled out his two terms. Unless you think he''s trying to sew-up the deal for a Republican canidate.

Which, if we do elect a republican, shame on us all!
We''ll get what we deserve!

[grumpas]

pepperwood2: I will give you A for effort you people don''t die easily do you? Or ever admit when it''s your fault! That''s it blame the liberal Congress like all rabid conservative''s! After all it''s been ultra-Conservatives who were in charge of Congress until a year ago! And spent us into oblivion. The deficit that George W Bush ran into the stratosphere is why we are in such an economic mess! But what the heck??? Add another few billion to the deficit he has already borrowed from China. Maybe a few moron''s like you will conveniently forget who got us into this financial mess come election time! We all know why we are getting this tax break! Bush isn''t even clever enough to cover up his buying votes!

[mcvet]

All this Liberal Congress has shown it has interests in is working their tricks for the gay & lesbian agenda. It''''s about time to get back to doing the something now for Grassroots America. Then to work on passing another Hate Crimes Bill.

Posted by pepperwood2 at 08:02 AM : Jan 26, 2008
+ report abuse

Earth to Nazi! Earth to Nazi! The Fascist and Bush were HANDED a Balanced Budget and a Surplus! This is what they did with that Balanced Budget and Surplus... now what the blue blazes does you bigotry tell you about that??? IF you creeps would try to focus on ELECTING people who will work to give us conditions to earn a living in a 40 hour week INSTEAD of trying to dictate my "families Values" with the Toe Tappers Association we might STILL have that Balance Budget and Surplus!! DUH??? Sieg Heil Bush!

[joegene2001]

What''''s a single person with no dependents making 75K pay in federal taxes, anyway. Isn''''t it something like 15K. That''''s a lot more than sales tax and sur tax. They''''re paying the bulk of taxes for all that don''''t have to pay.
UP YOURS.. OBVIOUSLY YOU ARE AN IDIOT OR ELSE YOU''D BE MARRIED. AND YOU ARE OBVIOUSLY RICH AND DON''T CARE ABOUT MONEY. I THINK IT A GOOD IDEA.furthermore, people who don''t make as much as you need this money in a time like this. we have bills, we have expenses. WAKE UP PEOPLE... tHIS PLAN IS TRYING TO HELP PEOPLE. its the first time that president bush has done anything good for anybody but himself since he''s been in office. think about it...Last of all, for all of those people that think this is an absurd idea, please feel free to send your checks directly to me..i won''t complain

[pepperwood2]

Its about time this Liberal Congress & President have gotten together to do something for the American People. Maybe there ratings will start going up??

All this Liberal Congress has shown it has interests in is working their tricks for the gay & lesbian agenda. It''s about time to get back to doing the something now for Grassroots America. Then to work on passing another Hate Crimes Bill.

I know blame Bush for Our Countrys debt, when 95% of America are in Hock and can''t come up with 2 coins to rub together. We''re out spending & consuming our hearts out to help our economic situation.

As long as the Banking & Finanical Industries will create ways for us to refinance to get what we want why not?? That''s what they''re suppose to do. Make it easy for us to borrow since we don''t have the intelligence to manage our own Money.

It can''t come soon enough as I have a flock of Wolves banging on my door right now? It should of been a lot more, but it gives the appearance of Washington getting the Message.

We''ll find out later what the real deal was?

[softwareeng]

My Proposed Program
%u2022 2 year 800 billion emergency Infrastructure Investment Jobs Creation Program (IIJCP) aimed at building new interstate highways, mass transit systems, schools, bridges, public hospitals, libraries, and assorted public buildings.
%u2022 Eliminate labor arbitrage by canceling all Temporary Worker Visa programs (L-1, H1-B, etc.), and establish tax penalties for firms that expand their workforce above some threshold through outsourcing, or replacement hiring in foreign locations.
%u2022 Taxation of corporate profits in the amount of 95% for firms that exceed a threshold level of jobs outsourced to a foreign country.
%u2022 Taxation at the rate of 80% on individual yearly income received from any corporation, not-for-profit organization, or any form of legal entity where the total income exceeds the U.S. average yearly median individual income by 200%.
%u2022 Fair trade agreements that ensure nations will offer decent wages, humane working conditions, and sound environmental policies.
%u2022 A nationalized health care system for all U.S. citizens.
%u2022 An effective federally funded tuition assistance program for U.S. citizens targeted at professions in demand.
%u2022 Repeal all legislation that inhibits the right%u2019s of individuals to organize under labor unions regardless of position or any other currently disqualifying classification.

[taotxzen]

Truth Emergency in the U.S.

by Peter Phillips and David Kubiak

Many economists now doubt that government measures can prevent a major recession given the severe slump in the housing market, the subprime mortgage crisis, growing unemployment, declining consumer spending, and record high oil prices. Even harder times for working people are undoubtedly at hand, yet mainstream corporate media continues to lavish more attention on the Super Bowl and celebrity misadventures than measures to protect Americans from grave personal economic harm. We are spun, mislead, propagandized, and amused to death by our media conglomerates and as a result, the U.S. has become the best entertained and least informed society in the world.

There is a literal truth emergency in the United States, not only regarding distant wars, torture camps, and doctored intelligence, but also around issues that most intimately impact our lives at home. For example, few Americans know that there has been a 35- year decline in real wages for most workers in the country, while the top 10% now enjoy unparalleled wealth with strikingly low tax burdens.

(cont)