Democrats Are Weighing More Tax Rebates, Pelosi Says

[Zenlitened]

Source: Bloomberg

House Democrats, concerned that rising energy prices will erase the benefit of the tax rebates sent to more than 100 million households this year, said they are weighing plans for a second economic stimulus proposal.

``We will be proceeding with another stimulus package, and we once again hope we will work in a bipartisan way,'' House Speaker Nancy Pelosi said after House Democratic leaders met with a group of economists to discuss the spreading housing crisis and rising gas prices.

Pelosi and other House Democrats said a second stimulus package would probably include more spending for roads and other infrastructure, expanded unemployment benefits, home-heating assistance for low-income families and some aid for states struggling with budget deficits.


Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=a5P_x5HfhQA0&refer=home

[RC]

1. And this money is coming from where exactly?

The same credit card being used in Iraq?

[DRoseDARs]

14. Your children and their children. At least, those not being sent away to die like so much fodder. nt

[Zorra]

55. Heh. Maybe it'll come from the superrich tax cheats they caught in Liechtenstein

;)

[Larkspur]

2. I didn't get a stimulus check last time

so I don't expect one this time. I'm single and childfree and made more than $75K AGI. We always get screwed.

[Demobrat]

6. Same here.

Of course I'm delighted to pay for my selfish decision to remain childfree in the form of higher taxes. :sarcasm:

[WriteDown]

29. 75$ AGI????

Sounds like you have enough money to help out us small folks.

[Larkspur]

33. Nope I don't

[WriteDown]

47. How Republican of you. N/T

[Larkspur]

51. I do donate to charities of my choice

to lower my tax burden. None are Repuke charities.

[heliarc]

56. It's too bad that our tax dollars have been hijacked by corporate interests.

I'd be happy to pay more taxes if it meant better public schools, health care systems that work, parks and recreation, as well as funding for the arts. Instead all of our money goes to no bid contracts with Halliburton. Perhaps this is your belief too.

"Charity" is a lame substitute for duty and social welfare IMHO.

[Larkspur]

58. I didn't mind paying the Clinton taxes in the '90s

when I made a lot less than I do now.

What Reagan and both Bushes have done was push the tax burden to the state and local levels, so our tax burden is larger because property taxes have risen to compensate for the loss in Federal funds.

The real culprits are corporations not paying their fair share of taxes. In the 1950's they paid about 35% of the tax burden in this country. Now it's around 7%. We have to make up the difference, so that's why even with salary increases, our salaries don't go as far because state and local governments have to make up the difference that corporations don't pay.

[AllHereTruth]

48. "We always get screwed."

I need this money. Maybe you wouldn't understand Larkspur, but for me, borrowing from China at this point may be the best thing.

My bank account is empty. Each month it is empty. People in my situation need all the help we can get.

Its funny to me. I currently work appx. 50hrs per week and have no money. But people who play the stock market (ie. dont do any real work at all) make more in one day, than i make in 200 hours of work. (1 month)



Its cool. Let me do all the work. Allow you to reap the benefits. And take it all in stride...right?

[Larkspur]

53. My bank account is empty at the end of the month too

Got lots of bills to pay and along with gas prices I'm being drained. I work 48 miles from home and it takes a toll on my bank account to fill up my car.

[AllHereTruth]

54. You make 75,000 Per year. By yourself.

Last year i made $25,000 working 2 jobs apx 50-60 hours per week, every week. Did i mention i am trying to figure out how to attend college while paying for my apt. Wheres that money going to come from? Do i have it in me to work full time AND go to school full time? Will i have enough money for my car? What about the electricity bill? Food? Milk?


I think you should halt the "i am making a killing, but its not enough" mentality and get over yourself. You don't NEED a stimulus check. You WANT a stimulus check.

----->IMHO <-----

[Larkspur]

57. I live in CT

I live in one of the highest cost of living areas in the country. New England is expensive to live in. California beats it. When I started in my job, I made $17,500 a year. It took me 20+ years and 6 job changes to reach the salary I make.

And stop whining! There is no such thing as a stimulus check anyway. It's a credit card transaction the government is making to bribe you into playing the con game the Bush Admin has been running against this country. And with your salary, you should have gotten one anyway, unless of course you don't pay income taxes.

[Lorentz]

60. Sounds like you need to get a better job.

As for college: apply for scholarships or loans, and/or attend part-time so you can hold down a job. I've seen lots of students do that.

[pitohui]

68. WOW i tell you what

i'll be happy to give you our pitiful $1200 stimulus check and you give us your whopping $75K AGI

seriously what's the matter with people? how do you earn so much without even a basic knowledge of math

clue train: people earning that kind of money don't need a helping hand or, if you honestly believe you do need a handout, how do you think people with actual american family incomes (the median income is something like $45K) feel????

why do the rich always want to muscle to the head of the line when there's a freebie going?

we don't have children either, what's not having children got to do with it?

[Robbien]

3. Throw another couple of bucks at the little people

and pile on a huge amount of pork for the lobbyists, just like the last stimulus bill.

They have no idea that these stimulus checks are being perceived as insulting and stupid.

Permanent annual billions to billionaires and couple of bucks thrown out to the masses.

[alllyingwhores]

16. First of all--FUCK PELOSI AND 98% OF ALL OF THE DEMS IN CONGRESS. Secondly...

...If Obama wasn't part of the 98% of the aforementioned Dems, he would come out and say "hey, maybe we should close the Enron-style loophole that's alloying speculators to double the price of gas" Seriously, if he weren't bought and paid for like the rest of them, how could he possibly lose politically, or otherwise, by pushing to close the loophole?

[DJ13]

17. "...would come out and say "hey, maybe we should close the Enron-style loophole ..."

Obama vows crackdown on energy speculators
McCain fires back after Democrat tries to tie rival to 'Enron loophole'

Sun., June. 22, 2008

WASHINGTON - Sen. Barack Obama on Sunday said as president he would strengthen government oversight of energy traders he blames in large part for the skyrocketing price of oil.

The Democratic candidate's campaign singled out the so-called "Enron loophole" for allowing speculators to run up the cost of fuel by operating outside federal regulation. Oil closed near $135 a barrel on Friday — almost double the price a year ago.

"My plan fully closes the Enron loophole and restores commonsense regulation as part of my broader plan to ease the burden for struggling families today while investing in a better future," Obama said in a campaign statement.

http://www.msnbc.msn.com/id/25318274/


You have anything else you'd like to bitch about?

[alllyingwhores]

19. Yeah...actually I have a lot to bitch about!

So, we're going to all patiently wait until he gets into office and do something about it...along with doing something about the unconstitutional FISA bill (that he just voted for) once he's in office?

SERIOUSLY, DO SOMETHING ABOUT IT NOW! It's crippling the economy now! Why would it not be the strongest political position, as the Democratic nominee, to talk about it every day and force Congress to do something about it now?

Unless...he's just talking.

[alllyingwhores]

20. Okay...I'll answer that...LET'S ALL FUCKING HOPE he'll do something about it in a year or two.

[Patchuli]

67. Exactly who do you want

to "do something about it now?" The pRes isn't going to do a thing; they caused this mess on purpose. It is an out and out class war and the rich are winning. Obama cannot do a thing until he is President. And apparently no one can force Congress these days to do much of anything they don't want to do.

Welcome to DU. Why is your profile disabled?

*edited for typo

[madrchsod]

4. well it will pay down my back taxes

sure could use the 600 to pay down the electric bill

[fascisthunter]

5. Instead of Throwing Money at the People

how about we throw these losers out of our government?

[AzDar]

18. How about BOTH?

:-)

[heliarc]

66. Throwing money at the people should be done as social welfare...

I want federally regulated and well thought out social welfare programs that actually serve the under privileged. I personally have no problem with handouts... They stimulate the economy... I DO have a problem with giving people back their tax dollars and leaving out the people who didn't get much to begin with... and before people start with the hostility against poor people... think about how much safer our streets would be if poor people better social welfare programs, or if drug users had methadone programs or better rehab facilities. Think about how much less you would worry about communicable disease and health care with real standardized socialized healthcare (I said it... and I mean it... socialized... so there!)

This president is "throwing money" at the middle and upper classes, and its an insult to poor and compassionate people everywhere.

[stimbox]

7. Election year pandering...

Gotta look busy so the peons at home will vote for her.

GRRRRRRRRRR...

[Runcible Spoon]

8. FUCK YOU PELOSI and the Republican talking points you rode in on!

:grr: Stimulus checks are the modern American bread and circus.

[bluestateguy]

9. I think a better idea is a gas allowance rebate

Give a $600 debit card to all car owners. This card could only be used to buy gas. And if they don't own a car, they would qualify for a regular cash rebate.

[Indenturedebtor]

11. YES that way we can drive the price of gas up more

And encourage pollution and waste!

Most people can curb their driving habits, but it's pretty hard to curb your food habit when an apple costs 2 dollars.

I'm for this, but they need to raise taxes on teh richies along with it.

[TwixVoy]

32. Hell no

So we can make speculators and big oil even richer on tax payer money? Don't think so. Talk about a reward for bad behavior! What you suggest is like giving a 10 year old an extra $100 allowance after he beats up one of his class mates.

[niceypoo]

10. They need to stop handing out money....

...which they have to borrow, and start paying down DEBT!

[rucognizant]

12. And I just heard

on CNN, the price tag to dispose of nuclear waste from N power plants is $90, TRILLION!
Shucks I guess we'll have to set aside that idea..... Guess tht's why pREz wants that so bad..anything with a high price tag!

[ozone_man]

13. $3 Trillion is the total price tag for these needless wars.

That's $10,000 for every person in the U.S. For a family of four, that's $40,000. It's no mystery where the money is going. Down the drain to the military industrial complex.

[Historic NY]

15. I can't get any stimulis due to no taxable income, I am a nonperson.

[JeanGrey]

25. Sure you can. We got one and we paid no taxes either.

[Historic NY]

27. How no SS or other income?

[JeanGrey]

28. We do draw SS. But I understood everyone would get one,

even if they had no income. We had no taxable income.

[tpsbmam]

64. That was my understanding as well.....

My understanding the last time was that as long as you filed taxes in 2007, you were eligible. And it was certainly my understanding that it would include people on SS. Of course, I could be "misremembering." Have you checked it out? I would if it were me!

[Buns_of_Fire]

69. I think your income (earned and/or otherwise) had to be at least $3000.

My mother (SS income only) got one (after filing the 2007 forms -- no taxes due). I got one, with my income being only slightly over the minimum (after filing the 2007 forms -- no taxes due). I think it behooves one to check it out.

Hey, all they can say is "no."

[TechBear_Seattle]

21. How about some fiscal responsibility with the tax revenue instead?

Such as, oh, maybe cut a few billion a day from the illegal occupation of Iraq and Afghanistan?

[depakid]

50. In an election year? From this crowd?

:rofl:

[MichiganVote]

22. Here's a clue: End the occupation dipshits.

[Canuckistanian]

23. Is she trying to steal Obama's thunder?

If she enacts a major rebate, won't Obama have to recalculate his tax cuts?

And how much money giveaways can the US Treasury take?

[KoKo]

24. Good GAWD AWMIGHTY!.... Nancy now wants to send us checks...

I thought she was going to "drain the swamp" but maybe she just wants to pay us off for the fact that she never drained it but let it fester and become putrid with more flies and mosquitos and filth that would roil and roil....just so we can get "More Dems in Congress."

Checks for us ALL...WOO HOO! I still can't afford what Nancy paid for her Botox treatments but I guess it will pay for a few more bucks to fill my gas tank.

[defendandprotect]

26. They should cut the FICA rate which is too high . . . extend it to $250,000 . . .

and make sure there is no surplus for Bush to borrow from ...

[Vidar]

30. Just join the Republicans already, Nancy! More frickin voodoo economics.

[truebrit71]

31. Awesome...my last "stimulus check" went to pay down outstanding taxes owed...

....and this one would do the same...at this rate, I'll be in heaven...the govt will be paying my taxes for me!!!

Hey, this wouldn't be an election year or anything would it?

[DeepModem Mom]

34. Democrats See a Need for Further Economic Stimulus

Source: New York Times

Many economists have concluded that a second dose of government stimulus spending is required to prevent a broad economic unraveling and provide relief to millions of Americans grappling with joblessness, plunging home prices and tight credit.

Democratic leaders in Congress have already begun fashioning a package of proposed measures, but on Tuesday, President Bush and the Federal Reserve chairman, Ben S. Bernanke, both pronounced such action premature....

Debate about a second package of stimulus measures has percolated in Washington for weeks as unemployment has climbed and housing prices have fallen. But the prospect of another surge of government largess has taken on urgency in recent days amid worry about the health of Fannie Mae and Freddie Mac, which own or guarantee roughly half of the nation’s $12 trillion in mortgages.

On Tuesday, Nancy Pelosi of California, the speaker of the House, and other House Democrats met with economists to draft another stimulus package, saying it was likely to include spending for roads, bridges, schools and other public facilities, as well as aid for states confronting smaller tax revenues in the face of the housing downturn.

“This is a serious situation,” said Lawrence H. Summers, a former Treasury secretary in the Clinton administration who attended the meeting, according to Bloomberg News. “We are in much more danger of responding inefficiently than in responding excessively.”...

Read more: http://www.nytimes.com/2008/07/16/business/economy/16stimulus.html?pagewanted=all

---

ADDITIONAL NOTE: The Democrats' stimulus proposal is unlikely to be a repeat of Bush's "stimulus." From the article:

"Senator Barack Obama of Illinois, the presumptive Democratic presidential nominee, last month proposed a $50 billion package of stimulus measures — $30 billion in fresh tax rebates, $10 billion in aid to states, and $10 billion to help families stave off the loss of homes to foreclosure.

The state money could be used to finance infrastructure projects to generate jobs, said Mr. Obama’s economic policy adviser, Jason Furman. 'We have a major collapse in the labor market, especially for men without high school degrees, a lot of whom have historically been employed in construction,' Mr. Furman said."

[liberal N proud]

35. Oh boy, We are going to barrow more $$$ from China

So we can give it to Wal-Mart who can give it back to China stimulating China's economy

[DeepModem Mom]

40. I've edited the OP. This wouldn't be a repeat of Bush's "stimulus." nt

[Initech]

36. Great idea. Where's that money going to come from?

We've already wiped out our treasury on this pointless fucking war... what's next?

[Clear Blue Sky]

37. What did the last one accomplish? Who paid for it?

[Muttocracy]

38. hey, it didn't work, let's try it again!!!! nt

[whistle]

39. Fannie MAE and Freddie MAC were supposed to have the best

...and least risk mortgages according to the standards they have followed (20% down, solid income stream, excellent credit rating, well researched background checks, realistic appraisals, etc.). So what went wrong?

In 1990 both companies controlled about $400 billion in mortgages. Everything was pretty solid. By 2000 they had grown to some $1.2 trillion in mortgages, but still most of those mortgages remained rock solid. Today the two firms have over $5.4 trillion and a large percent of those mortgages are apparently at risk of foreclosure triggering this crisis and Federal Reserve bailout. What happened?

This really smells like something foul has been afoot.

[f the letter]

41. This is a terrible idea.

Passing out free candy will not fix the economy. What senseless pandering and electioneering this is

[newfie11]

42. If this is going to give money to states to hire people

to repair the infrastructure maybe it will help get people back to work. Many of those in construction are the first to feel recession and lose their jobs. It sounds like a hell of a lot smarter than shrubs plan. Yes we have no money but hey that never stopped this government.

[MadHound]

43. Rather than another stimulus package, how about just some sound fundemental economic policies?

You know, like bringing back the manufacturing sector, getting us the hell out of Iraq and trim our defense spending, stop borrowing money, etc. etc.

Short term measures like the job stimulus isn't a bad idea, it stops the bleeding. But we have got to fundamentally rework our economy in order to effect any real, long term solutions.

[DeepModem Mom]

45. Wise thinking, MadHound. nt

[tyon517izhere]

44. WE ARE PAYING AS WE BORROW!!! This COUNTRY IS BROKE!

9 trillion dollar deficit AND GOING
10 BILLION DOLLARS A MONTH IN IRAQ
= 0
We are paying as we go. That's why the bush stimulus package was such a disaster.
It took forever for folks to receive their checks and received less than what was first expected.
Google yes to democracy.com A new founded group contending with the mass of anti-Obama /anti-Democrat , Pro fox/republican news groups! Join and spread the movement. Thanks.

[DeepModem Mom]

46. Thanks, tyon -- welcome to DU!

[Javaman]

49. just more of our government passing out shovels to us at the bottom of the hole. nt

[wvbygod]

52. Please send more rebates my way!

Lord knows I have paid hundreds of thousands over the years in taxes
and a few thousand back would help a lot right now.

[question everything]

59. Instead of breaking 100 millions into small checks

why not invest them in some major infrastructure jobs? Yes, add a few zeros if needed but get people jobs - of all skill levels - jobs that cannot be outsourced. And the government can even get some of this money back - as income tax.

[latebloomer]

62. Can't possibly do that

It makes WAY too much sense!

[newfie11]

65. I thought that is one of the recommendations

[KansDem]

61. $3 trillion (Iraq war) / 300,000,000 Americans = $10,000 for every American citizen.

A family of four could have $40,000. Just think how that would stimulate the economy.

New Prius with $20,000 left over.
College for the two kids
Green your home
Start a business
Pay off medical debt
Train for a better-paying job
Buy a home

Someone try to convince me that that money going down the Iraqi toilet is/was put to a better use for Bush's Iraq invasion than $10,000 for every American man, woman, and child...

[classysassy]

63. The bribe

Send the check(5,000 )you,ve got my vote.