Obama Stimulus Package: Economic Stimulus Plan Approved by House

Obama Stimulus Package: Economic Stimulus Plan Approved by House

One of President Obama’s top priorities, even before being sworn in as president, has been to implement a stimulus package for economic recovery in the United States. On Wednesday, Obama’s stimulus package plan passed through the House of Representatives.  The $819 billion stimulus package is a two-year plan calling for urgent fiscal aid from the government during an economic crisis. This is the biggest stimulus plan in history.

Obama’s economic stimulus package was approved by the House, 244 to188, without any Republicans voting in favor. 11 Democrats voted for the plan, and 177 Republicans voted against it. President Obama suggested that “what we can’t do is drag our feet or allow the same partisan differences to get in our way. We must move swiftly and boldly to put Americans back to work, and that is exactly what this plan begins to do.”

This seems to be the point about the passing of Obama’s stimulus package; it is not about the number of votes it received or who voted on it.  Supporters of the plan feel that as long as the stimulus package passes and goes to the American public, it can increase job opportunities and provide economic relief.

Some of the economic stimulus package details include a two-thirds new spending plan and one-third tax cuts.  Obama’s proposed fiscal stimulus plan and received criticism from Democrats in the Senate who wanted more spending and Republicans who argued for more tax cuts.

The stimulus package was developed by Democrats in Congress teaming up with President Obama. The $819 billion stimulus plan consists of federal spending on education, aid to states for Medicaid costs, temporary increases in unemployment benefits and planning of public works projects to create jobs.

Reflecting back on the stimulus package from early 2008, it became apparent that the plan had some shortcomings. The 2008 stimulus package primarily included tax rebates with reports showing that the extra money in public hands was actually saved or used to pay debts. This was seemingly unsuccessful in generating economic activity and boosting the economy in the worst recession since the Great Depression.

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