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Friday, December 17, 2010

President Obama tax bill passes House/Senate

The $858 billion tax deal vote  in the house was 277-148 and had almost equal numbers of Democrats and Republicans in support.
The Senate had passed it 81-19 on Wednesday
The package includes a two-year extension of the Bush-era tax cuts set to expire December 31. It also would extend unemployment benefits for 13 months, cut the payroll tax by 2 percent on workers first $106,800 of wages a year reducing it to 4.2%, restore the estate tax at a lower level and continue a series of other tax breaks.
Listen is this good for the country?
We are in the worst recession in 80 years. Oh, did I say the R word! People out there are hurting. I see it every day as I’m sure some of you do too. Families are cutting back, doing with less even doing without just to make it day to day.
It’s difficult for us too understand all the backroom deals and constant bickering going on in DC. It seems that politicians are more interested in getting re-elected with their image then why they were put there in the first place. To serve the people, NOT themselves!
You can turn on five different news programs and get five different opinions on what this will do for US!
In a statement released shortly after the vote, Treasury Secretary Tim Geithner said the bill was “good for growth, good for jobs, good for working and middle-class families, and good for businesses looking to invest and expand their work force.”
Rep. Eric Cantor of Virginia, in line to become majority leader, said the measure, while not perfect, marked a “first step” toward economic recovery.
Largely marginalized in the negotiations leading to the bill, Democrats emphasized their unhappiness with Obama.
“We stand today with only one choice: Pay the ransom now or pay more ransom later,” said Rep. Brad Sherman of California. “This is not a place Democrats want to be. But, ultimately, it is better to pay the ransom today than to watch the president pay even more, and I think he’d be willing to pay a bit more next month.”
Rep. Elijah Cummings, D-Md., said the White House “could have gotten a better deal” in secretive talks.
WOW! See what I mean. Four different statements expressing four different opinions! Who to believe?
Is this a perfect solution. Obviously not, but at least it helps a vast majority of Americans and continues to help the long term unemployed in our country.
Things will not get better until Wall Street, the Banks, corporate America and yes the almighty Federal Reserve say so. When they make enough money to satisfy their thirst and start to loan out money again, hiring Americans back , raising rates for American savers maybe we will see a true recovery.
Until then we have to hope that every small step that our elected officials do we lead us closer to that day.
Is this the bill that solves all our problems, of course not, but its another step in the right direction.
Or is it. What do You all think.