‘Line by Line’ the Senators are combing over the stimulus bill
WASHINGTON (CNN) — A bipartisan group of senators said Thursday they were going “line by line” through the economic stimulus bill as they try to reach a compromise on an amendment to cut some spending from the package.
Sen. Evan Bayh, D-Indiana, said there is a “backbone” to a deal, but the details were being worked out between the 12 Democrats and five Republicans at the meeting.“It’s been a painstaking, very thorough, very comprehensive process,” said Sen. Susan Collins, R-Maine.
Republicans have objected to some provisions in the bill that they say have nothing to do with stimulating the economy.
The president stepped up his personal lobbying for the bill this week, holding a series of one-on-one meetings in the Oval Office on Wednesday with key senators still on the fence.
Obama met separately with Collins, Democrat Ben Nelson and Republican Olympia Snowe.
Collins said she went through some specific programs with the president to see which ones he would be willing to cut.
Collins said she was originally in favor of a bill that would have cost about $650 billion, but after meeting with Obama, she was convinced of the need for a proposal that would be in the neighborhood of $800 billion.
“But I will tell you, particularly on my side of the aisle, there is a vigorous debate over what the size of the package should be,” she said.
“We don’t want a package that is too small because that will end up just wasting money. On the other hand, we’re very leery of having an enormous package that would not be necessary and would just boost the federal deficit,” Collins said as Nelson nodded in agreement.
An interesting editorial on the stimulus bill
Why President Obama should heed calls for a more focused stimulus package
Today in The Post, President Obama challenges critics of the $900 billion stimulus plan that was taking shape on Capitol Hill yesterday, accusing them of peddling “the same failed theories that helped lead us into this crisis” and warning that, without immediate action, “Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse.” A thinly veiled reference to Senate Republicans, this is a departure from his previous emphasis on bipartisanship. Still, as a matter of policy, Mr. Obama is justified in signaling that the plan should not be tilted in favor of tax cuts — and that the GOP should not waste valuable time trying to achieve this.However, ideology is not the only reason that senators — from both parties — are balking at the president’s plan. As it emerged from the House, it suffered from a confusion of objectives. Mr. Obama praised the package yesterday as “not merely a prescription for short-term spending” but a “strategy for long-term economic growth in areas like renewable energy and health care and education.” This is precisely the problem. As credible experts, including some Democrats, have pointed out, much of this “long-term” spending either won’t stimulate the economy now, is of questionable merit, or both. Even potentially meritorious items, such as $2.1 billion for Head Start, or billions more to computerize medical records, do not belong in legislation whose reason for being is to give U.S. economic growth a “jolt,” as Mr. Obama himself has put it. All other policy priorities should pass through the normal budget process, which involves hearings, debate and — crucially — competition with other programs.
Also of interest Moody’s is reviewing $302.6 billion in Commercial Mortgage Debt
One final story on this morning’s turn around
NEW YORK – Investors shook off weak economic readings and placed bets on retail and technology stocks Thursday after a range of companies posted better-than-expected sales and profit reports. The Dow rose more than 1 percent after being down in the early going.
Retailers including Wal-Mart Stores Inc. and Macy’s Inc. turned in better-than-expected reports. Wal-Mart’s January sales beat Wall Street’s forecasts after the chain drew shoppers focused on necessities like groceries. Macy’s, which this week said it would slash 7,000 jobs, on Thursday raised its fourth-quarter and full-year forecasts after reporting its sales.
Tim Geithner and the treasury has announced that on Monday February 9th, 2009 they will hold a speech on the bank rescue plan.
NYSE Percentage Gainers
CRR, NED, HGG, BPO, FTB Pref, BMI, LIZ, KEI
NASDAQ Percentage Gainers
PRIMU, KLBY, SIFY, SFLY, DRCO, RNOW, CCPCN, PENN, CTRN, BBBB
Most Actives NYSE
BAC, C, GE, JPM, WFC, RIO, PFE, PBR, XOM, MS
NASDAQ Most Active
QQQQ, CSCO, MSFT,INTC, ORCL, JNPR, CMCSA, DELL. JAVA, QCOM
Unusual Volume from NASDAQ.COM
APA, TNDN, BBBB, AKAM, PENN
PPT SCREEN
Accumulation of 3
Hybrid Daily/ Weekly 10%+
Hybrid Score of 3
Relative Strength Score of 3
ALK, ANDS, AVAV, AZO, BTH, CNTF, CUB, CWT, HLTH, HMR, HOTT, MHS, MMS, NAQ, NITE, ORH, PT, ROY, SAIA, SGU, VRX, WGL
If you enjoy the content at iBankCoin, please follow us on Twitter
