Congress Votes for a Stimulus of $168 Billion

Congress Votes for a Stimulus of $168 Billion

Yesterday, February 7th, Congress passed a bill for a 168 billion dollar stimulus plan in order to attempt to cut short the current recession. The plan not only includes payments for Social Security recipients and disabled veterans, but also tax rebates for middle income families. Even though there was resistance from Republicans on approving a larger Democratic package, it took only two weeks to pass the plan after President Bush had called for it. The article is worth reading because like Treasury Secretary Henry M. Paulson Jr. said “We are making history. What has passed the Congress in record time is a gift to the middle class and those who aspire to it in our country.” We learn about expansionary fiscal policy in economics but rarely see real life examples due to the length of time it takes to put fiscal changes into effect, political pressures face by those who develop fiscal policy, and entitlements like Social Security. This is plan is hope for the future of the economic welfare of America.