United States Senate

Your source for a no-hassle faxless payday loan fills you in on the Senate’s version of the economic stimulus plan.

Ranting Republicans have said the House of Representatives’ version of the economic stimulus plan was “embarrassingly” expensive. Still, the Senate has released its version of the plan, and it comes with an even high price tag: $885 billion.

To read up on the House’s $819 billion version of the plan, check out this article from your faxless payday loan source.

Cutting taxes, not cutting back

Ironically, the higher price of the Senate package is mostly due to the very thing the Republicans were clamoring for: more tax cuts. The Senate’s plan puts the Alternative Minimum Tax on hold so it won’t start to hit taxpayers for a year.

As expected, Republicans are asking for less spending. They are also saying that more attention should be focused on stimulating the housing market. Democrats have said they’d be willing to create more incentives for home buyers.

Counterargument

Generally, Republicans say that for the stimulus bill to work the funds need to be released immediately. However, some Democrats are saying that spreading the spending out will be more helpful for the economy.

“While most of the funding will be spent before 2011, many economists believe that the economy still will be weak at that point. Those investments that will continue to spend out after 2010 can be helpful in smoothing the course of the recovery, while providing longer-term benefits to the economy,” Senate Majority Leader Harry Reid said.

Compare and contrast

One of the big differences between the House bill and the Senate’s version is how quickly the money will be spent. The Senate’s package will spend 78 percent of the funds by the end of 2010. The House’s plan spends about 64 percent of the money during that time period.

About 29 percent of the Senate’s plan will go to tax cuts. In the House package, about 22 percent is dedicated to tax cuts. Both plans include proposals dedicated to tax relief and extensions in unemployment benefits. Both also invest a large sum in infrastructure.

The plan is to have a version of the bill ready for president Barack Obama in the next two weeks. Keep up on the progress of the economic stimulus package through your faxless payday loan source.