The House has Passed the Stimulus Package of $819 Billion-1
On 28th January the House has passed the tax and spending bill of $819 Billion to fight with the recession. This will broaden the federal government’s reach in the American economy by reforming the strategies on Health, Energy, Education, Social programs etc. This bill is almost equal to complete yearly expenditure of federal, under Congress’s approval. Senate is also preparing to pass a similar package which is also of almost $900 billion.These will result in federal government’s debt in its peak since the World War II. The House bill represents Barack Obama’s view that America is in crisis and has to work beyond "stale political arguments".
The money will be spend on some projects like- clean water projects, student loan program and housing related assistance etc. The bill will help the unemployed to get medical benefits and can expand the use of renewable energy. $335 million will be spent on STDs (sexually transmitted diseases). $50 million will be given for the Arts. National Oceanic and Atmospheric Administration will get $70 million from The Senate bill to buy a supercomputer. $75 million will be spent for smoking awareness programs.
This approach to boost economy is contradictory to the Bush Administration’s approach. The Bush Administration tried to save the economy by putting more money in the middle and upper class people’s pocket through tax cuts. Obama is spending $275 billion giving tax relief to the families belonging to the lower income group. To encourage the job creation, business incentive has also been planned. The bill has expands the coverage of the unemployment insurance for the part-time workers.
Check the next part of the article here
To see the complete details on statewise distribution of the Stimulus Package check this.
Categories:
Obama,
Stimulus Package
0 comments:
Post a Comment