Post by ۞Quaalude™۞ on Dec 17, 2010 0:12:12 GMT -5
It would have added an estimated $80 billion to the federal deficit over the next decade.
Supporters of the bill, which comes on top of other larger stimulus measures passed since 2008, aim to extend jobless benefits to the long-term unemployed, extend some business tax breaks, and provide aid to cash-strapped state governments.
A dozen Democrats voted with Republicans against the measure. With just 45 senators in support, it lacked a majority as well as the 60 votes needed to cut off a potential filibuster.
In recent days, Mr. Obama has been calling for Congress to pass legislation to protect jobs, warning that states could be forced into a round of layoffs, including school teachers. The president also supports $24 billion in aid to help states cope with rising Medicaid costs.
The debate over new stimulus comes as some economists worry that the economic recovery is still shaky. Most don't think the nation will dip back into recession, but a few forecasters call the odds as high as 50-50.
The calls for new federal support for the economy also coincide with a rapid rise in the federal debt – and growing concern in Congress that this poses its own risk to America's economic health.
"We know that the debt being supported in this country is unsustainable.... It's more than the American people can stand," said Sen. Kay Bailey Hutchison (R) of Texas, as the Senate weighed new options after the vote.
She said the national debt has risen above $13 trillion, and that Obama administration budget plans show "no end in sight , What does this mean for the poor , the unemployed & people on SSI or Disability Like Me who live on Less than $650.00 a month ? QC
www.csmonitor.com/USA/Politics/2010/0616/New-Obama-backed-stimulus-package-fails-in-Senate-vote
Supporters of the bill, which comes on top of other larger stimulus measures passed since 2008, aim to extend jobless benefits to the long-term unemployed, extend some business tax breaks, and provide aid to cash-strapped state governments.
A dozen Democrats voted with Republicans against the measure. With just 45 senators in support, it lacked a majority as well as the 60 votes needed to cut off a potential filibuster.
In recent days, Mr. Obama has been calling for Congress to pass legislation to protect jobs, warning that states could be forced into a round of layoffs, including school teachers. The president also supports $24 billion in aid to help states cope with rising Medicaid costs.
The debate over new stimulus comes as some economists worry that the economic recovery is still shaky. Most don't think the nation will dip back into recession, but a few forecasters call the odds as high as 50-50.
The calls for new federal support for the economy also coincide with a rapid rise in the federal debt – and growing concern in Congress that this poses its own risk to America's economic health.
"We know that the debt being supported in this country is unsustainable.... It's more than the American people can stand," said Sen. Kay Bailey Hutchison (R) of Texas, as the Senate weighed new options after the vote.
She said the national debt has risen above $13 trillion, and that Obama administration budget plans show "no end in sight , What does this mean for the poor , the unemployed & people on SSI or Disability Like Me who live on Less than $650.00 a month ? QC
www.csmonitor.com/USA/Politics/2010/0616/New-Obama-backed-stimulus-package-fails-in-Senate-vote