Thursday, February 5, 2009
Republicans Hold Line on Stimulus
WASHINGTON - Democrats in the U.S. Senate worked to revise their $900 billion economic stimulus bill on Wednesday, hoping to drum up enough Republican support to send it to President Barack Obama next week to sign into law.
The Senate entered a third day of debate on the package, which Obama wants on his desk by February 16, to try to reverse the downward spiral of the U.S. economy with a combination of tax cuts, infrastructure spending and other steps.
Democrats lack the 60 votes needed in the Senate to overcome potential Republican delays and Obama wants healthy bipartisan support after the Democratic-controlled House of Representatives passed its own stimulus plan last week despite winning no Republican backing.
Obama again pressed Congress to act quickly and cautioned them that no plan would be perfect.
"No one's more committed to making it stronger than me, but let's not make the perfect the enemy of the essential," Obama said before meetings with Senate Democrats and separate talks with two moderate Republican senators, Olympia Snowe and Susan Collins.
Senate Majority Leader Harry Reid said late on Tuesday that "with a little bit of luck," the Senate could finish its version this week.
"We hope that as the debate continues, people will only offer those amendments they think will really help the bill," said Reid, a Nevada Democrat.
Republicans want to trim the spending portion and boost tax cuts and incentives, floating several alternatives and pushing demands that Congress do more to address the housing crisis.
The bill started in the Senate at about $885 billion but senators on Tuesday added $11 billion by making interest payments on new car purchases tax deductible, an attempt to spur sales amid record auto company losses.
They also added an extra $6.5 billion for medical research but cut $246 million in tax credits for the movie industry. Numerous other amendments have been introduced to expand home purchase tax credits and lower income tax rates.
Republicans have complained the bill does not address the housing crisis sufficiently and spends money on programs that would not boost the economy.
Senate Minority Leader Mitch McConnell said earlier this week the Republicans did not want to block the bill but that modifications were needed to kick-start the ailing economy.
"There's plenty of room to cut in this bill. It's time we started doing some of it," the Kentucky Republican said on the Senate floor on Wednesday.
Republicans are not the only ones with reservations about the growing stimulus package.
Senator Ben Nelson, a Nebraska Democrat, is working with Collins, a Maine Republican, to strip out spending criticized as ineffective and to shift some of the money to more construction projects.
In an early test vote on Tuesday, senators rejected an attempt by Democrats to add $25 billion for construction projects after Republicans objected to the cost. The bill already contained $27 billion for highway investments.
WASHINGTON - Democrats in the U.S. Senate worked to revise their $900 billion economic stimulus bill on Wednesday, hoping to drum up enough Republican support to send it to President Barack Obama next week to sign into law.
The Senate entered a third day of debate on the package, which Obama wants on his desk by February 16, to try to reverse the downward spiral of the U.S. economy with a combination of tax cuts, infrastructure spending and other steps.
Democrats lack the 60 votes needed in the Senate to overcome potential Republican delays and Obama wants healthy bipartisan support after the Democratic-controlled House of Representatives passed its own stimulus plan last week despite winning no Republican backing.
Obama again pressed Congress to act quickly and cautioned them that no plan would be perfect.
"No one's more committed to making it stronger than me, but let's not make the perfect the enemy of the essential," Obama said before meetings with Senate Democrats and separate talks with two moderate Republican senators, Olympia Snowe and Susan Collins.
Senate Majority Leader Harry Reid said late on Tuesday that "with a little bit of luck," the Senate could finish its version this week.
"We hope that as the debate continues, people will only offer those amendments they think will really help the bill," said Reid, a Nevada Democrat.
Republicans want to trim the spending portion and boost tax cuts and incentives, floating several alternatives and pushing demands that Congress do more to address the housing crisis.
The bill started in the Senate at about $885 billion but senators on Tuesday added $11 billion by making interest payments on new car purchases tax deductible, an attempt to spur sales amid record auto company losses.
They also added an extra $6.5 billion for medical research but cut $246 million in tax credits for the movie industry. Numerous other amendments have been introduced to expand home purchase tax credits and lower income tax rates.
Republicans have complained the bill does not address the housing crisis sufficiently and spends money on programs that would not boost the economy.
Senate Minority Leader Mitch McConnell said earlier this week the Republicans did not want to block the bill but that modifications were needed to kick-start the ailing economy.
"There's plenty of room to cut in this bill. It's time we started doing some of it," the Kentucky Republican said on the Senate floor on Wednesday.
Republicans are not the only ones with reservations about the growing stimulus package.
Senator Ben Nelson, a Nebraska Democrat, is working with Collins, a Maine Republican, to strip out spending criticized as ineffective and to shift some of the money to more construction projects.
In an early test vote on Tuesday, senators rejected an attempt by Democrats to add $25 billion for construction projects after Republicans objected to the cost. The bill already contained $27 billion for highway investments.
