Barrack Obama's victory may prompt Congress to approve
a new stimulus package by the end of the year.
House speaker Nancy Pelosi urged passage of at least
$61 billion in new economic stimulus funding, but it requires
cooperation of Republicans in the Senate and President Bush.
Everyone is looking for help and with new president a
new stimulus package should be coning soon. There are many numbers
throw around as what the budget should be. It started from$60
billion to $150 billion and now there are talks of $300 billion.
Obama's speech emphasized that there will be shares
sacrifice and prosperity during difficult times.
The first stimulus package was written around tax cuts
and tax rebates. This time around Congress would want more measures
along with more money.
Obama has supported a second stimulus package as well
as housing rescue plan, but so far it is unclear how president elect
will continue dealing with economic crises.
In the first package few things were missing such as
unemployment benefits, food stamp funding, aid to states and
municipalities. This time around new package may include such items.
With tax cuts and tax rebates this time around may not
be included as it was in the first package, but it can prove to be a
tricky part as Obama favors more rebates and tax cuts. Another
measure would be spending on infrastructure-buildings, roads and
bridges.
Other cuts would be made around businesses that hire
workers and one time allowance for the withdrawal of money from a
401(k) retirement account without the normal stringent tax
penalties.
New package could be tight more to a housing rescue
plan and with new president Congress will have plenty of work to do
to get this package done.
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