The Stimulus Bill is Agreed Upon

If or not the bill will do the job remains to be seen, but at least a stimulus package is agreed upon at last.

Congressional negotiators announced Wednesday afternoon that they had reached agreement on a $789 billion economic stimulus bill, clearing the way for final action and President Obama’s signature.

To gain "centrist" support

the final deal slashed $35 billion from a proposed state fiscal stabilization fund, eliminated $16 billion in aid for school construction and sharply curtailed health care subsidies for the unemployed.

But tax cuts, the least effective form of economic stimulus were left largely intact.

Even before the last touches were put to the bill, the emerging deal infuriated some Democrats who said that President Obama and Congressional leaders had been too quick to give up on Democratic priorities. Some critics also suggested that the final figure was too small to be effective because of the grave condition of the American economy.

To get the vote of Arlen Specter of PA funds for medical research ($6.5 billion) were left in the final package.

We will need some time to see if or not this approach will be successful. It is my personal opinion the bill is too little money too focused on items which will not benefit the economy fast enough. We need an infusion of funds to be spent immediately, not two years from now. And the amount is too small to be effective given the size of our national economy.

Peace.