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Economic Stimulus act of 2008
Transcript of Economic Stimulus act of 2008
H.R. 5140 Impetus House Senate President Interest
Groups Investors leverage Borrows money from bank buys box for 10,000$ sells box for 11,000 pays off loan for 500$ profit The box H H H H H H H H B $ $ $ $ House prices rise Sub-prime mortgages Forclosure Low interest rates 1% increased borrowing Intruduced Jan. 28 Passed Jan. 29 (385-35) Bypassed normal committee process
Sent straight to floor
"We know throughout the households of America that many people are living paycheck to paycheck, and they need this economy to turn around, now we see across the world that the state of the economy in the United States is having an impact as well, so the urgency we feel at home is now even more urgent as we see the impact of our markets on others." -Pelosi Rep. John Boehner & Nancy Pelosi What did the bill contain? gave 300 for each dependent
child in each house gave tax refunds of about
600 dollars (1200 to spouses) to individuals
with a net income of 75,000
(150,000 for couples) or less Bailed out Fannie Mae
and Freddi Mac Cost: $152 billion Broader Senate Version expansion of
unemployment benefits expanded rebates more options on tax
breaks for businesses energy tax breaks Senior citizens Veterans Tax write-offs "piggyback" “For energy needs and economy growth, we need to continue renewable-energy provisions without interruption,the high price of oil helped start the economic downturn. The stimulus package should underscore the nation's commitment to energy efficiency and alternative energy.” - Charles E. Grassley Tax credits 26 week
extension Renewable 158.1 Billion “Legislation is the art of compromise, and that compromise comes very hard sometimes.”- Harry Reid Finance Comittee
Jan. 30 Democrats Push
Jan. 31-Feb.6 Cloture fails by 1 vote Smaller Bill passes Feb. 7
(81-16) House passes revised bill
(380-34) "In the past seven years, the system has absorbed shocks: recession, corporate scandals, terror attacks, global war; yet the genius of our system is that it can absorb such shocks and emerge even stronger, in a dynamic market economy, our economy will prosper and it will continue to be the marvel of the world."-Bush President Bush urges for Bi-Partisan support Pushes Bill to pass normal comittee process Urgent times "The bill I'm signing today is large enough to have an impact, amounting to more than $152 billion this year, or about 1 percent of the GDP (gross domestic product.” Fannie Mae Freddie Mac Congress An Iron Triangle
of sorts More Debt
1) Rubin, Richard. "House Stimulus Plan on Fast Track." CQ Weekly (January 28, 2008): 262-64. http://library.cqpress.com/cqweekly/weeklyreport110-000002661170.
2) Politics And Policy In the 109th And 110th Congress. 2005-2008 ed. Vol. 12 of
Congress And The Nation. Washington, DC: CQ Press, 2010.
3) Stossel, John. "Exposing the Economic Nonsense of the Stimulus." Human Events, February 25, 2008., 17-22, Academic Search Premier, EBSCOhost (accessed February 1, 2011).
4) N. Eric Weiss Analyst in Financial Economics Government & Finance
Division, The Recovery Rebates and Economic Stimulus for the American People Act
of 2008 and Jumbo Mortgage, H.R. Rep. No. 110th- RS2279, at 1-4 (February 1,
5) "Stimulus Bill Provides Tax Rebates." In CQ Almanac 2008, 64th ed., edited by Jan Austin, 7-17-7-19. Washington, DC: Congressional Quarterly, 2009. http://library.cqpress.com/cqalmanac/cqal08-1090-52026-2174946.
6) Billitteri, T. J. (2008, October 24). Financial bailout. CQ Researcher, 18, 865-888. Retrieved from http://library.cqpress.com/cqresearcher/
7) What Should the Federal Government Do To Avoid a Recession?, 110th
Cong. (2008) (Lexis Nexis Congressional ).
8) Appelbaum, Binyamin. "How Washington Failed to Rein In Fannie, Freddie; As
Profits Grew, Firms Used Their Power to Mask Peril ." Washington Post
(Washington D.C.), September 14, 2008. Accessed January 1, 2011. Lexis
9) Samuelson, Robert J. "Lollipop Economics 101; An 'economic stimulus' package
would be less about altering the unemployment rate and more about
influencing voters' views of vying politicians." Newsweek, January 21,
2008, 50. Accessed January 1, 2011. http://www.lexisnexis.com/hottopics/
10) Krugman, Paul. "Stimulus Gone Bad." New York Times, January 25, 2008. Accessed
February 1, 2011. http://www.lexisnexis.com/hottopics/lnacademic/?