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Economic Stimulus Showdown Looms in Congress
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ShareJanuary 30, 2008 6:18 PM
ABC News' Z. Byron Wolf Reports: Senators on the Finance Committee passed their own version of an economic stimulus package Wednesday afternoon, setting up a showdown early next week between unlikely foes -- Democrats in the Senate versus Democrats in the House.
The senators added several provisions to the basic framework of the House version to include seniors in the tax rebate giveaway and extend unemployment insurance in all states.
"The heart of this bill is that 21 million senior citizens who would not receive a rebate check under the house passed bill will get a check under this one," said Senate Finance Committee chairman Max Baucus, D-Mont.
The Democrats on the Committee, along with three Republicans, passed their package 14 to 7 and sent it to the Senate floor where it will be considered along with a competing bipartisan stimulus package hashed out earlier this week among Democrats and Republicans in the House of Representatives and with the approval of the White House.
The Senate Bill:
Includes Seniors, doubles income cap Senators double the cap on income for taxpayers to be eligible for a rebate from $75,000 for an individual and $150,000 for a couple in the House bill to $150,000 for an individual and $300,000 for a couple. Members of Congress would be ineligible for the rebates under the Senate bill. But they slash the amount on the check in order to include seniors and disabled veterans living on fixed incomes.
In addition, the Senate Finance Committee bill extends unemployment insurance from 26 weeks to 39 weeks in all states and an additional 13 weeks for certain people in states with high unemployment.
Barring illegals from rebates Republicans pushed for wording to bar undocumented workers from receiving rebates, but its unclear, since the tax rolls would be used to disperse checks, how that provision would be enforced. Undocumented workers often pay taxes with phony social security and tax id numbers.
Finally, the Senate version adds more than $5 billion in tax credits for companies that pursue various types of efficient or renewable energy.
January 30, 2008 in Romney, Mitt | Permalink | User Comments (1)
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There goes Washington... finding new and improved ways to waste your money. Why do companies get Billion dollar tax credits, while us mere citizens get $500 bucks? Can we PLEASE start voting these INCOMPETENT incumbents out NOW!
Posted by: wake up! | Jan 30, 2008 6:43:37 PM
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