With all of the reports in the news about President Barack Obama’s new stimulus package, Americans, most of which are being affected by the financial crisis, have trouble figuring out what is exactly going on and how it will effect them. After some research, I answer some questions below.
What exactly is the stimulus package?
- The $790 billion package created by Obama will, if passed, hopefully jump start the economy, create jobs for the thousands of unemployed Americans, and help Americans dig themselves out of the financial hardships they are currently facing.
Has it been passed yet? Is it likely to?
- The answer is expected tomorrow. Friday is when Democratic and Republican congressional law makers of the House will vote on the Obama’s project. The details were solidified yesterday at a meeting with congressionals. The stimulus bill passed in the Senate earlier this week. When and if the bill reaches Obama’s desk, the answer will be a solidified “yes.”
Are both the Republicans and Democrats happy about the package?
- No. A Republican, as quoted in the earlier link, referred to Americans as socialists. Obama continues to rally Democrats to look at this bill as a way to help their families.
- Obama has had trouble uniting the two parties, while trying to stay bipartisan.
Has Obama truly stayed bipartisan during this process?
- Not exactly. Although he preached about how he wanted support from both parties, only three Republicans voted for the bill in the Senate.
How else will the bill help me as an American?
- $46 billion will go to transportation construction projects to ensure better roads and bridges. Money will also go to help unemployed pay health insurance. You could deduct sales tax from the purchase of a new car. Obama is also supporting the creation of more high speed rail lines.
- There will be tax credits given to working individuals, college students, and car & home owners.
- Billions of dollars will be added to the Head Start Program and food stamp program.
Futher reading:
This article from the Associated Press breaks down the “winners & the losers” of Obama’s stimulus package.
