Congress is gearing up for action next week on the President’s economic stimulus package. A big question remains: will the Senate be successful in tweaking the plan? One thing is for sure, they are intent on trying.
According to articles by Bloomberg and the Associated Press, Democratic leaders in the Senate have mentioned giving retirees tax rebates, unemployment benefit extensions, a boost in heating subsidies for the poor and temporary food stamp payout increases as possible additions to the economic package. The agreement reached by the President and House leadership did not include much input from leaders within the Senate. A Bloomberg article mentions that Senator Baucus (D-MT), Chairman of the Senate Finance Committee, believes that the package could grow from the proposed $150 billion dollars up to as much as $175 billion in the Senate. He even stated that his own plan may be introduced with a specific focus on lifting tax rebate restrictions for those who did not meet certain income levels.
Several other Senators have things they would like to see included in the bill. Senator Schumer (D-NY) is looking for an extension of unemployment benefits. Senator Snowe (R-ME) has also mentioned a desire to work for unemployment benefit extensions. The two Senators from Michigan, Senator Stabenow and Senator Levin, are asking for a 20 week extension of unemployment insurance according to Politico. Senator Wyden (D-OR) plans on taking things a different direction by seeking an increase in infrastructure spending on items such as road resurfacing.
More generally, Senate Republicans are likely to make an attempt at adding provisions that would make the President’s tax cuts permanent and give tax breaks to businesses. Senate Democrats will try to put a focus on some sort of additional tax rebate to those who do not meet the $3,000 dollar minimum income threshold as well as those who do not pay income taxes but earn their living on something like Social Security.
According to the Associated Press, debate on this package will not begin until later in the week after the Senate Finance Committee has a chance to draft and possibly vote on an alternative bill.
