The House Gets Stimulated By Stimulus Fever
Tuesday, January 29, 2008SUSIE GHARIB: Well, another big decision on Capitol Hill, the House today overwhelmingly passed a massive economic stimulus plan. The $146 billion package, negotiated last week with the White House, would provide tax rebates for millions of Americans and tax write-offs for businesses. But as Stephanie Dhue reports, the plan could get hung up in the Senate.
STEPHANIE DHUE, NIGHTLY BUSINESS REPORT CORRESPONDENT: As House lawmakers debated the stimulus bill, Senate lawmakers were working to put their own stamp on the plan. Ways and Means Committee Chairman Charles Rangel warned the Senate not to make substantial changes.
REP. CHARLES RANGEL, CHAIRMAN, WAYS AND MEANS COMMITTEE: If there's anything that impedes the Senate from complying to the mandate that the president has set on our Congress, that they too have an obligation to make the type of compromises that's necessary so that we can move forward.
DHUE: President Bush also urged the senators to resist the temptation to load up the bill.
GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: We need to get this bill out of the Senate and on my desk so the checks can get in the hands of our consumers and our businesses can be assured of the incentives necessary to make investments.
DHUE: Senate Finance Chairman Max Baucus has set a committee vote tomorrow on his $160 billion stimulus plan. He wants tax rebates to include people living off Social Security and high income earners. Instead of $600 to $1,200 rebates that are phased out, his plan would give rebates of $500 to $1,000 with no cap on incomes. Senate Majority Leader Harry Reid says lifting the caps would be a mistake.
SEN. HARRY REID, MAJORITY LEADER: To take out the caps causes me to want to gag. I think it would send the wrong message, that we would spend an extra $5 billion to give me a rebate. I'm not going to spend the money. I think it's wrong. I think Warren Buffett should not have that rebate.
DHUE: Senators from both parties have items they'd like to add to the stimulus plan, including more spending for programs to help low income people pay home heating bills, infrastructure projects and grants to communities for foreclosure prevention. But those ideas will have to wait if the Republican leadership has its way. Senate Minority Leader Mitch McConnell is working to convince senators to vote on the House plan.
SEN. MITCH MCCONNELL, MINORITY LEADER: I think the need for speed, the importance of bipartisanship in reassuring the markets and the American people are pretty persuasive arguments to my members.
DHUE: Despite the political wrangling, there is still optimism on Capitol Hill a bill will be sent to the president's desk by the middle of February. Stephanie Dhue, NIGHTLY BUSINESS REPORT, Washington.
