Posted by Tina
What I think unifies this group is a recognition that we are experiencing a unprecedented, perhaps, economic crisis that has to be dealt with, and dealt with rapidly. – President Barack Obama
House GOP sees stimulus in tax cuts, not spending, by David Espo AP Special Correspondent
** WASHINGTON House Republican leaders presented President Barack Obama on Friday with proposals to stimulate the economy that rely exclusively on tax cuts and envision none of the federal spending backed by Democrats and the administration. *** The alternative includes across-the-board cuts in the two lowest income tax brackets, placing unemployment benefits off-limits to taxation and a new $7,500 break for home buyers who make a minimum down payment of 5 percent. **
** Another provision would also cut taxes for small businesses. *** While Republicans claimed their approach provided for more in tax relief than the Democrats’ measure, they said they were still awaiting official estimates. They also said they could not estimate the number of jobs it would create. *** It called for reducing the current 10 percent bracket to 5 percent, affecting a taxpayer’s first $8,350 in income, and lowering the existing 15 percent bracket to 10 percent, covering income from $8,351 to $33,950. *** Small business owners could take a tax deduction equal to 20 percent of their income. *** Separately, Senate Republican leader Mitch McConnell, R-Ky., renewed his call for the federal government to provide help to the states in the form of loans rather than grants, as Democrats prefer. **
Harry and Nancy pretty much rejected the proposals with Reid saying the GOP “got what it wanted” which was to be included in the process… (he generously allowed them to be in the room). The president was optomistic that a bipartisan bill would be forthcoming…uh huh.