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Yesterday, the Democratic controlled House of Representatives voted to pass President Barack Obama\u2019s $816 billion dollar economic stimulus plan, one of the largest in history. The bill passed by 244-188 vote. Although Democrats had accommodated some of the Republican concerns, all of the House Republicans voted against the bill, as well as eleven Democrats. In the House of Representatives, Republican members opposed to Obama\u2019s plan insisted that more tax cuts, particularly those aimed at housing, and a small business capital gains tax break would create jobs and boost the economy. President Obama had supported such ideas as a candidate. In the midst of an ongoing recession and more news of massive layoffs from major corporations, Obama urged expediency in bringing the legislation to his desk, stating, \u201cWe don\u2019t have a moment to spare.\u201d Obama and his supporters in the House contend that the stimulus package, investing in infrastructure, education and middle-class tax credits, is sufficient to begin lifting the economy out of recession and save jobs. The bill now moves to the Senate where it will likely be amended and reach an even higher price tag. Once the Senate decides on its version of the plan, the two houses will have to reconcile any differences.<\/p>\n
GUEST: John Irons, Research and Policy Director, Economic Policy Institute<\/p>\n