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Politics & Power

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Republicans Snub Senate Stimulus Bill While Geithner Unveils Plans for Bailout Money

Tuesday the Senate passed their version of the economic stimulus bill with only three Republican votes. With the bill going back to conference committee it will remain to be seen if Democrats can win over any support for the eventual compromise bill in the House where the House version passed without a single Republican vote. Despite numerous attempts to meet with the Republican leaders and efforts to include Republican ideas in the bill, President Obama has not been able to get any traction for the bill with House Republicans.

Democratic leaders expressed confidence in a resolution to the differences between the House and Senate versions that would pass both houses of Congress. The three Republicans who supported the Senate version made it clear that they would only support the compromise bill if certain provisions were kept intact. Senator Majority Leader Harry Reid noted that he felt a bill that would be acceptable to all current supporters of both versions could be achieved in a relatively short timeframe and vowed that members of Congress would work through the night if needed to assure the bill was ready to come to a vote and be given to President Obama for signing by Monday.

With Congress getting ready to go on recess for the Presidentís Day holiday leaders from both houses of Congress acknowledged a sense of urgency to come to agreement on a final version for the President to sign. At the same time they made it known that they foresaw some hurdles yet to be overcome to achieve a final version of the bill. Republicans in the House and Senate have all but declared that they will not support the bill but President Obama made it clear that he feels the bill needs to be passed with or without their help so congressional Democrats have vowed to support the President and get a bill on his desk to sign as quickly as possible.

While the Senate was passing the stimulus bill the Presidentís Treasury Secretary Tim Geithner laid out plans for the second half of the $700 billion financial industry bailout money. While short on details it was made clear that the second half of the funds will be released under much tighter controls than were in place for the first half of the money during the Bush administration. Wall Street reacted to the plan with large losses indicating an apprehension on the part of investors to put their money into the markets.

It is expected in the coming weeks that more details will be released by the Treasury Department on exactly how the Troubled Asset Relief Program (TARP) funds will be released and who will be getting them. What is certain is that the Obama administrationís intentions are that no more of the TARP money will be used to fund the extravagancies of corporate executives who oversaw the Wall Street and banking industry collapses. Also made evident by President Obama during his press conference on Monday is the fact that the current administration is not going to accept the blame for the current economic crisis but is determined to reverse it using whatever means are necessary.

Seemingly hanging in the balance of the current recovery efforts are the political futures of both Democrats and Republicans. If the plan is a success it will likely lead to an even stronger majority in Congress for Democrats who support the measures and heavy losses for Republicans who staunchly oppose them. If the plan fails it will likely lead to mid-term losses for the Democrats in 2010 who have championed the plan despite an almost complete lack of support from across the aisle. Whether the American people ultimately win or lose can only be determined by the passage of time.

Troy Wilson-Ripsom - Staff Writer | Give your feedback on this article. | Click icon to Digg this article



Get Involved

Do you sit and yell at the TV when politicians come on? Do you shake your head sadly whenever you see a homeless veteran? Is that all you tend to do?

It's time to put up or shut up America. We all love to talk about how we could do things better or how we would do it if we were in charge. Well, it's time to put your money where your mouth is. If you can think of it, you can write it down. If you can write it down, you can type it. If you can type it, you can e-mail it and if you can e-mail it, you can send it here.

We at Reform America are committed to giving voice to anyone who wants to put their ideas out there to make our nation a better place. As the readership grows, we are able to take those views to a wider and wider audience. Grassroots campaigns begin with voices speaking out. You have opinions. Voice them. We aren't about conservative or liberal. We aren't about pro-this or anti-that. We're about Americans and the First Amendment. Reform America is about politics by, for and of the people. You are the people. You only need to speak up. America is listening. Send your article to: stories@reform-america.net



Have You Been Downsized Due to Outsourcing?

For several years now we have listened to some within the business community tell us that America can't compete on a global scale unless they send our jobs overseas where they can be done cheaper. The question becomes, if we don't have good paying jobs here, how can we sustain our own economy? We want to hear from you. Have you lost your job? Have you been forced into a lower wage job due to outsourcing? Has outsourcing been a success for you? Did you end up in a better job?

Tell us your story so we can make sure the politicians see how outsourcing really impacts the workers who are backbone of America. Send your story to stories@reform-america.net





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All written items received by Reform America become the sole property of Reform America. Reform America reserves the right to publish or otherwise disseminate (with author acknowledgment noted) the contents of any written materials received by us at our discretion. By sending written materials to Reform America, the author agrees to these terms and holds Reform America harmless for any use of the items they submit. | Views expressed in articles submitted to Reform America by our readers do not necessarily reflect the views of Reform America or its staff.