The House Appropriations Committee, chaired by Rep. David Obey (D-WI), released the incoming Obama administration’s proposed economic stimulus package Thursday. The full text of the bill is available at this link; the summary only is available here.
Here’s a small sampling of stories across media outlets; it’s not hard to see at a glance that Dems and GOP are split in their support of the bill:
Democrats unveil stimulus plan; Republicans cry ‘pork’ – MiamiHerald.com
Dem Leader: Obama Stimulus Package is Too Small – USNews.com
Boehner on stimulus: ‘Oh. My. God’ – MSNBC.com
Plus ça change, plus c’est la même chose, yes?
And here’s the opening grafs of the bill’s summary:
The economy is in a crisis not seen since the Great Depression. Credit is frozen, consumer purchasing power is in decline, in the last four months the country has lost 2 million jobs and we are expected to lose another 3 to 5 million in the next year. Conservative economist Mark Zandi was blunt: “the economy is shutting down.”
This bill is the first crucial step in a concerted effort to create and save 3 to 4 million jobs, jumpstart our economy, and begin the process of transforming it for the 21st century with $275
billion in economic recovery tax cuts and $550 billion in thoughtful and carefully targeted priority investments with unprecedented accountability measures built in.
That’s some frank and pointed language for an appropriations bill; compare the summary and the bill text of President Bush’s last stimulus package and you’ll see a striking difference. The Obama bill text actually includes the summary, whereas the last bill did not include the text of the summary.
Certainly looks like somebody’s trying to hammer a point home about the seriousness and urgency of the situation. Maybe the more conservative members of Congress didn’t read the summary yet.