10/18/2009

Apparently extending large parts of the "stimulus" isn't a stimulus

From Fox News:

If it looks, feels and sounds like a stimulus, then is it a stimulus?

Democrats say no. They call their growing list of proposed economic relief efforts an extension of Obama's original $787 billion stimulus package, passed by Congress earlier this year with minimal Republican support.

But the price tag for these new proposals is adding up.

Democrats are considering extending unemployment and health benefits, as well as extending and perhaps expanding a popular tax credit for first-time home buyers and creating a new credit for companies that add jobs.

Extending unemployment benefits through 2010 would cost about $100 billion, according to the liberal Center on Budget and Policy Priorities.

It's unknown exactly how much it would cost to extend subsidies for laid-off workers to help them keep the health insurance their former employers provided, known as COBRA. That's because congressional leaders haven't settled on the length of an extension, or how to pay for it. But the current program, which covers workers laid off through the end of the year, costs nearly $25 billion.

Extending the homebuyer tax credit to next summer would cost about $16.7 billion, economists say. It's not clear how much the employer tax credit would cost. But a similar proposal that was dropped from the first stimulus package had a cost of $19.5 billion.

President Obama also wants Congress to approve $250 payments to more than 50 million seniors to make up for no cost-of-living increase in Social Security next year. The total cost: $14 billion.

Taken together, the proposals could add up to nearly $200 billion, looking a lot like another economic stimulus package . . .


While searching the web, I came across these seven promises that the Obama administration broke with its first stimulus.

Broken Promises in Record Time
1. Make government open and transparent.

2. Make it "impossible" for Congressmen to slip in pork barrel projects.

3. Meetings where laws are written will be more open to the public. (Even Congressional Republicans shut out.)

4. No more secrecy.

5. Public will have 5 days to look at a bill.

6. You’ll know what’s in it.

7. We will put every pork barrel project online.

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