Published: Mon, 2 Feb 2009
Description: (NECN: Peter Howe) - The Senate continues to debate President Obama's economic stimulus package. Republican leaders want changes made, but the president says the modest differences over the bill should not delay swift passage. The U.S. Sen...
Automatically Generated Transcript (may not be 100% accurate)
" Our top story at 430 the Senate debate over president Obama's economic stimulus package. Republican leaders want changes made but the president says the modest differences over the plan should not delay swift passage. And CN's Peter how joins us now with more on the debate Peter. Yes thank you -- already this bill as it comes to the -- this afternoon is even bigger than what the house approved last week and that's before any form -- get added to it. But probably the biggest push we will see this week would be from Republicans try to make it smaller and put more of the overall some. In the tax cuts and housing assistance less in government spending."
" I think there's a bipartisan feeling that it that this is not the way. We get the economy moving with Republican leader Mitch McConnell voicing deep misgivings the US senate went to work on revamping the stimulus bill. It came out of the house at 800 in nineteen billion dollars and now pox in close to 900 in the Senate there is considerable and you're hearing at. Considerable democratic. Senatorial. Unrest about this -- The initial senate plan has the same 500 dollar per worker tax credit does that house. But the Senate -- 300 dollar tax break for Social Security recipients and disabled veterans. The Senate would exempt 24 million wealthier Americans from the confusing complicated Alternative Minimum Tax. And give four point five billion or 30%. More in business tax breaks in the house approved."
" The package we're considering this week is our best ever to reach a consensus on economic recovery world that could pass the Senate and house quickly. The mission. Clearly demands action. And action now senate Republicans are pushing for less spending more tax cuts and more directly to the housing market. And the president is signaling people wheel and deal -- them what we can't do is let us. Various modest differences given the way the overall package moving forward swiftly."
" Many critics questioned how much the house bill was stimulus or good old congressional pork. Like 44 million dollars to repair the US Department of Agriculture headquarters 335. Million for sexually transmitted disease education. 360 million to -- daycare centers on military bases and 650 million for digital TV conversion coupons."
" So many millions tens of billions of unnecessary and -- stimulative project. No we're not hearing today is that definite deadline for when the Senate hopes to get this -- but they are saying they hope to be wrapped up. Later on this week the magic number is 59 votes with a one seat vacant for Minnesota 59 votes. It's a number of Democrats and Republicans the need to come together to get something passed jet. Peter and I was still debating in the Senate but to have any idea at this point what the Senate version might mean for New England versus the house version. Well I would say I think a key thing is to assume that you don't get more money if you're in New England in the Senate version compared to the housing though the overall. Some is higher there's a very good likelihood that this. Number overall gets negotiated downwards. But in several areas the senator is very summit of the house in particular aid to state governments for Medicaid. And other things to help balance the budget to probably on things like -- state governments and help for energy efficiency can expect something similar to what the house approved. Could not thanks for your house reporting."