Obama Stimulus Bill Reaches $850 Billion
President-elect Barack Obama’s proposed recovery bill has grown to $850 billion after he successfully convinced his Democratic allies to increase this stimulus plan which can boost the economy and cushion the impact of recession.
If this economic stimulus is passed, Democrats said to extend cut tax for middle- and upper-income taxpayers.
President-elect Barack Obama’s proposed recovery bill has grown to $850 billion which can boost the US economy and cushion the impact of recession.
If this economic stimulus bill is passed, Democrats proposed to extend tax cut for middle- and upper-income taxpayers to spare those low-income individuals who are already struggling to make ends meet.
According to Sen. Max Baucus, the proposed bill may not be passed by the House but provide assurance they have other backup plans.
The original proposed recovery bill ranged to $725 billion to $775 billion which can provide economic stimulus for the next three years. But after negotiations, it has been plotted that the stimulus bill would cost $850 billion to execute all plans to help the economy.
The economic recovery bill will largely focus on Medical assistance for the poor, providing $85 billion to $90 billion for low-funded states to offer financial assistance to sick and poor people. Another huge portion of the proposed plan, about $80 billion, will go to education.
To help people who have been laid off, a subsidy worth $25 billion will help them and cover their health insurance and another $35 billion to provide financial assistance as part of their unemployment benefits.
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