To most liberals and many economists, the first $787 billion economic stimulus bill (H.R.1) didn't do enough to promote job growth and general recovery given the depth of the recession caused by the 2008 financial crisis. The national unemployment rate, for example, is still at 9.5%, and in areas that were hit especially hard by the recession, the unemployment rate is still going up.
So, the Democrats have prepared a second, smaller stimulus bill of about $127 billion in new short-term spending called the American Jobs and Closing Tax Loopholes Act of 2010, and they are planning to hold a vote on it in the House on today. Late on Wednesday night, the bill was revised. Here's what's in the final bill.Read Full Article Comments (13)
Earlier today, Sen. Max Baucus [D, MT] brought up an amendment to the bill (H.R. 4851) to extend the extension of the deadline from May 5th until June 2nd. It also would extended the other expiring programs in the bill until June, like COBRA health benefits, national flood insurance and the 21% scheduled Medicare payment cut. Additionally, it would pay benefits back retroactively for those whose have lapsed over the past couple weeks because of congressional inaction.Read Full Article Comments (5)