assholes

a Presidential "signing Statement" that will say the moron-in-the-middle will ignore the law and fuck us all...

-5.75,-4.05
"We're all fucked. It helps to remember that." --George Carlin

"In all, the tax checks will cost the Treasury $105.7 billion, all of it added to the budget deficit."

I'm really glad someone pointed out that this is all borrowed money which will simply be added to the federal deficit, and eventually to the federal debt. Although I don't understand the claim that this will only cost the treasury $105.7 billion, when the total bill is $151 billion, but maybe I'm missing some details. In any case, the long-term cost to the taxpayers will be the total cost of the program plus the interest paid in the long-term to finance it. So in the long run it will cost the taxpayers about $300 billion, give or take a few billion. Or am I missing something?

"The big print giveth, but the small print taketh away." -- Tom Waits

As mrmx pointed out in another thread, the stimulus package also includes an increase in the mortgage loan limits for Fannie Mae and Freddie Mac. The limit, which was previously $417,000, will now be $730,000, essentially allowing them to bail out investors and banks that hold or are liable for the bad debt. While supporting current real estate values may be helpful to the economy (and it will infuse more money into the economy by increasing the availability of credit), this could lead to a $1T bailout in the future, since they have been taking on too many low-documentation and subprime loans.

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/02/03/IN8LUO095.DTL

Yes, and it probably matches the values of homes that were purchased recently in the inflated market and will be having their interest rates reset soon.

Bush Signs Economic Stimulus Package

* AP
* Wednesday February 13 2008

WASHINGTON (AP) - President Bush signed legislation on Wednesday to send $300 to $1,200 rebate checks to millions of Americans as a ``booster shot'' for the economy.

Rebates are to go out beginning in May to taxpayers and low-income people, including seniors living off of Social Security and veterans who depend on disability checks. Businesses would get tax breaks for investing in new plants and equipment.

``I know a lot of Americans are concerned about our economic future,'' Bush said. ``Our overall economy has grown for six straight years, but that growth has clearly slowed.''

Several dozen members of Congress, including House Speaker Nancy Pelosi, stood on the stage behind Bush as he signed a bill to fend off a possible recession. He said the stimulus package was achieved after he talked with leaders of Congress in January about ``whether or not we could come together to provide a booster shot for our economy - a package that is robust, temporary, and puts money back into the hands of American workers and businesses.''

Most taxpayers will receive a check of up to $600 for individuals and $1,200 for couples from the Internal Revenue Service, with an additional $300 per child. People earning at least $3,000 and those who owe little or no taxes would get $300 for singles, $600 for couples. Those making more than $75,000 and couples with income exceeding $150,000 are to get smaller rebates - $50 less per $1,000 they make over those thresholds.

``Americans struggling with the high cost of energy, groceries and health care will soon receive relief, and our economy will get a timely, targeted, and temporary boost - thanks to our bipartisan stimulus package,'' Pelosi said. ``This package gets money into the hands of Americans struggling to make ends meet, helps families with children, cuts taxes for small businesses that will create new jobs and stimulates our slowing economy.''

Economic analysts generally believe the $168 billion package Bush signed will help prevent the current downturn from ballooning into a crisis. But if the rebates don't spur a consumer spending spree strong enough to cure what ails the economy, Congress is ready to throw more money at the problem. Bush said the measure was ``large enough to have an impact.''

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Governors Hope for Federal Cash

* AP
* Monday February 25 2008

By ANDREW WELSH-HUGGINS

Associated Press Writer

WASHINGTON (AP) - Governors are debating priorities if Congress takes up a second stimulus package, with some state leaders pushing for federal money to repair roads, water systems and bridges.

Governors hoped to raise the issue of infrastructure on Monday with President Bush at the White House.

``There are a lot of projects in every state where the architectural design has been done, where literally they're ready to tap into the ground and begin construction,'' said Democratic Gov. Ed Rendell of Pennsylvania.

Rendell and a bipartisan group of governors are pushing public works as part of a potential second stimulus package. Democrat Eliot Spitzer of New York and Republican Arnold Schwarzenegger of California are among the governors demanding federal action.

``We owe it to the people of America to join together and rebuild our country,'' Schwarzenegger said.

Bush this month signed an economic stimulus package to send $300 to $1,200 rebate checks to millions of Americans and to offer tax incentives to businesses. He opposed including infrastructure projects because ``it's not really a stimulative way to get the economy going,'' White House press secretary Dana Perino said Monday.

Asked how Bush views the governors' push for infrastructure projects, Perino said: ``Outside of the stimulus package, if they have other ideas, I'm sure he'll be willing to listen to them.''

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