Senate passes jobless aid, business tax breaks
By ANDREW TAYLOR, AP
Philip Choi
http://www.comcast.net/articles/news-politics/20100309/US.Jobless.Aid.Taxes/
Summary:
On Wednesday, the Senate has approved by a 62-36 vote by extending the economic stimulus, including helping the jobless and giving money to states so they can pay health care for the poor. While conservatives are against this because this adds more money to the 12.3 trillion dollar national debt, in which case is 130 billion dollars for over the next year and a half.
Other than helping the jobless, this also extends the promise the help of small businesses suffering from a credit crunch. In fact, this bill again resurrects the stimulus bill last year in which again more generous unemployment benefits, health care subsidies for the jobless, and Medicaid aid to cash-starved states.
"This bill helps small businesses get the loans they need to grow and hire, provides tax relief that companies need to support new research and development jobs of the future, and extends relief to Americans looking for work," President Barack Obama said in a statement Wednesday evening.
Other than this they also include tax breaks include deduction for college tuition, people making less than $160,000 a year, and for teachers who use their own money to buy school supplies. This will be effective in low income neighborhoods, as well as tax break for restaurant owners and retailers. Now it this decision will be decided in the House.
Connection:
This relates to Social Studies class, not only though about the legislative power of passing laws, but on the economy on providing relief programs to get us back on track.
Questions:
1. This is a very long recession we have. When do you think will we be out of it?
2. Will this bill be successful? If so, how will it impact us?
3. Do you think it is necessary to add another 130 billion dollars to our 12.3 trillion dollar national debt?
Answers:
1. Yes this is a very long recession we have. If we are getting out of this, we need support no matter what and someone to get us back on track.
2. Since Congress is having a tough time passing it, it will be very difficult to persuade the conservatives, but in reality, this is another obstacle to pass just to pass this bill. If it was pass, this will impact us greatly in having more income for ourselves.
3. Well we are in national debt, and to get out of it, you need to spend money to make money.
Comments (2)
Danny U. said
at 5:07 pm on Mar 13, 2010
1. This is a long recession we are in, even though it is only been a few years. I think we will be out of the recession in 2.5 years.
2. I think this will be successful and it will impact us by creating a lot of great jobs and saving everyone who owes the government money.
3. I think that we should not waste 130 billion more dollars on this because we are in a huge national debt.
Edward T said
at 6:51 pm on Mar 13, 2010
1. I think that we are going toget outofthis recession by the time most of us in eighth grade are going to college. we needthis stimulus money to get rolling again.
2. I think that the bill will be successful because it will make jobs which will generate tax revenue. that will help the bill pay for itself.
3. I do not think that adding more debt is good but it is necassary. if we want the economy back on track, we need to get money going round.
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