Obama Signs $787 Billion Stimulus into Law
On Feb. 17, 2008, President Obama signed the stimulus packae into law after he toured a solar panel installation project at the Denver Museum of Nature and Science. His intent was to highlight the importance of America investing in 'green' technology. Robert Schroeder of MarketWatch.com wrote: "President Barack Obama signed the sprawling $787 billion economic stimulus package into law on Tuesday, saying it will help the struggling U.S. economy but warning that the recovery process will be challenging. 'Today does not mark the end of our economic troubles,' Obama said before signing the bill in Denver, Colo. 'Nor does it constitute all of what we must do to turn our economy around.' But, said Obama 'it does mark the beginning of the end' of what the U.S. needs to do to create jobs, provide relief to families and pave the way for long-term growth." For the complete article, Click Here>
White House Launches Recovery.gov
On Feb. 17, 2009, follow the money in the American Recovery and Reinvestment Act on recovery.gov, an official website launched by the Obama adminstration that went live today. Later today in Denver, CO, President Obama will sign the $787 billion dollar stimulus plan into law, and all taxpayers can track online how their money is being spent. In a nutshell, the economic stimulus program is sliced and diced eight major ways: (1) tax relief, $288 billion (2) state and local fiscal relief, $144 billion (3) infrastructure and science, $111 billion (4) protecting the vulnerable, $81 billion (5) health care, $59 billion (6) education and training, $53 billion (7) energy, $43 billion (8) other, $8 billion. The website promises "The American Recovery and Reinvestment Act will be carried out with full transparency and accountability -- and Recovery.gov is the centerpiece of that effort." Included is a one-minute video of President Obama explaining the act, which ends with his encouraging words to "come back often." | To witness where the billions are supposed to flow-- with federal agencies said to begin reporting by March 3, 2009, according to a detailed timeline -- visit recovery.gov or Click Here>
What's Been Struck, What's Stayed in H.R. 1
On Feb. 17, 2009, President Obama will sign H.R. 1 into law. Writes Byron Belzak of Mediabear: "For all the bill's details, including those items in the recovery plan that have been struck in the final version, 'Thomas' at The Library of Congress has posted the 'public print' of the $789 billion stimulus plan. It is known officially as the American Recovery and Reinvestment Act of 2009. The 'Thomas' online system is so named to honor one of America's greatest presidents: 'In the spirit of Thomas Jefferson, legislative information from the Library of Congress.' Now the public can tune out the TV talking heads and read first hand from the posted document. H.R. 1 reveals what's in and what's out of one of the largest pieces of legislation ever passed by any government in the world." To read line by line H.R. 1 -- the House approval, the Senate approval, followed by the Conference approval -- and know more than most people will know about the stimulus bill, Click Here>
Stimulus Bill Most Ambitious Since Roosevelt
On Feb. 17, 2009, President Obama will sign one of America's largest bills ever passed by Congress. Write Matthew Benjamin and Julianna Goldman of Bloomberg.com, "The size of the new law and its speed moving through Congress ... place it among the most significant legislative accomplishments since President Franklin Roosevelt overhauled the U.S. government in his first 100 days, historians and political analysts say." For their analysis of Obama's government spending plan compared to FDR's legislation, Click Here>
Political Battle Over Stimulus Plan Has Just Begun
On Feb. 16, 2009, Michael D. Shear and Paul Kane of WashingtonPost.com took a political look at how the Democrats and Republicans are now getting ready to "position themselves to claim credit and cast blame." Shear and Kane wrote: "The Republican Party has made its own bet: that the stimulus package that Democrats rushed through Congress will have been deemed a failure by the time the 2010 elections arrive, leading voters to rebuke Obama and reward the GOP with much-needed victories." For their complete article as posted on MSNBC.com, Click Here>
What the Stimulus Plan Will Do to Ease the Recession
On Feb. 15, 2009, on NBC's "Meet the Press," President Obama's top spokesperson, David Axelrod, countered criticism by skeptics who say the stimulus plan is more pork than an employment generator. Said Axelrod: "Our first mission is to try and slow the trajectory of [the economic downtown] and turn it around. This will do that. This will help do that. We believe in the next couple of years that it will create three and a half million jobs." For the complete transcript of the show hosted by David Gregory, Click Here>
President Calls Congressional Passage of Stimulus Package "A Major Milestone"
On Feb. 14, Pres. Barack Obama used his bully pulpit to declare that he "is celebrating a major milestone on our road to recovery," yet emphasized that there is much work to be done to turn around the economy. He said in his weekly address to the nation, "Ultimately, this is your money, and you deserve to know where it's going and how it's spent." For his complete address, Click Here>
Congress Finalizes Economic Stimulus Measure
On Feb. 13, 2009, David Herszenhorn of the New York Times kept tally of the vote as Congress voted in a most partisan manner on Friday to approve President Obama's economic stimulus plan. Wrote Herszenhorn: "Not a single House Republican voted for the bill. The House vote was 246 to 183, with just 7 Democrats joining all 176 Republicans in opposition. In the Senate, the vote, 60 to 38, was similarly partisan. Only 3 centrist Republicans joined 55 Democrats and 2 independents in favor." For the complete story, Click Here>
Congress Nears Passage of $789 Billion Stimulus Plan
On Feb. 12, Brian Faler and Ryan J. Donmoyer of Bloomberg.com posted their fourth update of America's largest spending proposal to date. Faler and Donmoyer write: "The agreement was a product of intense negotiations... . Democrats who control the House and Senate had stressed that they wanted to hammer out an agreement before a week-long congressional recess starts on Presidents Day, Feb. 16. Obama also spent much of this week urging lawmakers to quickly send him a bill." For the complete update, Click Here>
Stimulus Deal Reached: $789
On Feb. 11, 2009, David Espo of the HuffingtonPost.com wrote: "Moving with lightning speed, the Democratic-controlled Congress and White House agreed Wednesday on a compromise $790 billion economic stimulus bill designed to create millions of jobs in a nation reeling from recession. President Barack Obama could sign the measure within days." For Espo's complete story, Click Here>
The Stimulus Bills: House vs. Senate
On Feb. 10, 2009, Michael Grabell of ProPublica.org, wrote: "...Before the package can go to President Obama’s desk, the Senate will have to resolve differences with the House and its $819 billion version. Most predict a bruising battle that won’t wrap up until week’s end, in part because of fiery differences over tax cuts and spending on food stamps and education, a critical issue for Democrats who control the House." For the long laundry list of similarities and differences between the House and Senate versions of H.R. 1, Click Here>
Senate Passes $838 Billion Stimulus Bill
On Feb. 10, 2009, by a roll call vote of 61 to 36 in the U.S. Senate, the $838 billion federal stimulus bill advanced one step closer to being signed into law by President Obama. The Senate vote fell along partisan lines. All 36 who voted against the measure were Republicans. Only three Republicans Senators (Susan Collins and Olympia Snowe of Maine and Arlen Specter of Pennsylvania) voted in favor of the bill, known as the American Recovery and Reinvestment Act of 2009. All Democrats voted for the bill, including Sen. Ted Kennedy. The final count was one vote more than needed to pass. The Senate version of H.R. 1 must now go back to the House to resolve differences. Writes Byron Belzak of MediaBear, "The involved taxpayer will find the Library of Congress' text of the Senate debate of H.R. 1 fascinating. Also, its summary details who will benefit from this massive spending and tax cut proposal, and who won't. For example, the bill prohibits the funding of casinos, aquariums, zoos, golf courses, and swimming pools. Fun is out -- at least for now." For the text as posted by The Library of Congress, Click Here>
Senators Work Towards Final Vote on Stimulus Bill
On Feb. 9, 2009, as President Obama took his message and sense of urgency for the passage of an $800 billion federal stimulus plan directly to the people of Elkhart, Indiana, one of America's hardest-hit cities, U.S. Senators were, reported Robert Schroeder of MarketWatch, "heading toward a 5:30 p.m. vote to cut off debate on the measure, a procedural step that would clear the way for a final vote. Democrats are confident they can take a vote as early as Tuesday on the revamped package of tax cuts and infrastructure spending." For the complete story, Click Here>
Where Will Stimulus Bring Jobs?
On Feb. 9, 2009, Andrea Coombes of the Wall Street Journal writes: "From upgrading the electricity grid to rebuilding bridges to computerizing medical records, there are plenty of ways the economic-stimulus bill aims to prop up the economy -- and create millions of jobs. But what kinds of jobs -- and who will qualify for them? For the timely article, Click Here>
Tough Math Ahead for Obama, Stimulus Plan
On Feb. 8, 2009, John Hendren of ABC News writes: "President Obama returned from his first getaway to Camp David on Sunday to face an urgent priority: pressuring Congress to avert a stimulus stalemate. The president prepares to cross country to speak in support of bill. The Senate is poised to pass a compromise $827 billion version as soon as Tuesday. The legislation would have to be reconciled with the very different $819 billion version already approved by the House. Some economists question whether either is enough." For the complete report, Click Here>
Lawmakers Tentatively Agree to Stimulus Bill
On Feb. 7, 2009, Senators continued to debate the mega-billiion federal stimulus package today and appear to have reached a tentative agreement as they recessed at 3 p.m. They are set to return on Monday and hammer out final details. "Senators had trimmed the plan to $780 billion in tax cuts and spending on infrastructure, housing and other programs that would create or save jobs," reported CNNmoney.com. For this updated report, Click Here>
Governors Send Letter to Obama about Stimulus Proposal
On Feb. 6, 2009, David Vock of Stateline.org reported: "Four Republican governors joined 14 of their Democratic peers in a letter to President Barack Obama supporting the package. 'As stewards of the economies of our respective states and regions, we urge the Congress to reach prompt resolution of all outstanding differences and for you to sign the bill when it reaches your desk,' the governors told Obama." For the complete story, Click Here>
Big Rally on Wall Street
On Feb. 6, 2009, anticipation on Wall Street was running high. Hopes that Congress would approve the newly proposed $800+ billion federal stimulus package sent stocks higher. For this CNNmoney.com report, Click Here>
Obama Calls Delays on Stimulus Bill 'Inexcusable and Irresponsible'
On Feb. 6, 2009, President Barack Obama pushed back hard against critics and naysayers on Capitol Hill who would torpedo his stimulus package. “This is not some abstract debate," said Obama. "It is an urgent and growing crisis that can only be fully understood through the unseen stories that lie underneath each and every one of those lost jobs. Somewhere in America, a small business has shut its doors; a family has said goodbye to their home; a young parent has lost their livelihood, and doesn’t know what’s going to take its place.” For the nytimes.com article, Click Here>
NC's Shuler and Other 'Blue Dogs' Vote Against Simulus Package
On Feb. 5, 2009, Asheville's bloggers at ScrutinyHooligans.us took to task their U.S. Rep. Heath Shuler, one of a handful of Democrats who spit on Obama's stimulus package. For the initial blog by Doug Gibson and reader comments, Click Here>
On the Front Lines of the Foreclosure Crisis
On Feb. 4, 2009, First Lady Michele Obama spoke to the staff of HUD. Said Ms. Obama: "It's of critical importance that we stem the tide of foreclosures and find a way to keep people in their homes." For her full remarks, Click Here>
We Can Do Better Than A 'Bad Bank'
On Feb. 4, 2009, George Soros provided his commentary in The Wall Street Journal about what the Obama Administration needs to do to shore up the financial system. "Treasury Secretary Henry Paulson has poisoned the well by the arbitrary and ill-considered way he implemented the $700 billion Troubled Asset Relief Program (TARP)," writes Soros. "As a result, the Obama administration feels it cannot ask Congress for more money at this time." Nonetheless, Soros contends that we already have the resources to recapitalize the banks. For his opinion, Click Here>
Bad Bank, Bad Idea
On Feb. 3, 2009, truthout.com put forward a hard-hitting assessment of what's wrong with the current bank bailout policy. Writes Gerald Epstein: "The 'good bank, bad bank' idea ('bad bank' for short) is to use U.S. taxpayers' money to buy the toxic assets bankers created, put them in a nationalized 'bad bank' and leave the bankers with the good assets to deploy as they wish, meanwhile, having to endure only a mild reprimand and quite modest face-saving restrictions on their pay and dividend payments... . A much better approach is to turn the formula on its head. Let the taxpayers keep the good banks and leave the bad ones for the bankers." For the complete original commentary, Click Here>
In Response to the Collapse of the Stock Market
On Feb. 3, 2009, Byron Belzak responded to an email from a friend who was lamenting the volatility of the stock market brought on in part by unscrupulous corporate behavior. Belzak wrote: "As my dad would say, even when he played the market, 'The New York Stock Exchange is the world's largest gambling hall.' That was when he was in his forties. Now, in his ninties, he still says the same thing. Through the years he has been more right than wrong on this matter." For the whole story, Click Here>
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