Republican Senators put together an alternative stimulus package that has a much lower price tag than the current version of the stimulus bill, as the AP reports that the current plan tops $900 billion. The Republican alternative allows home owners to refinance their home mortgages at a low interest rate that will help the home owner and help stabilize home prices in general. This plan also provides more money for infrastructure projects than the current bill and cuts the payroll tax and the corporate tax to encourage economic growth and job creation. Also, it requires spending cuts once the economy has rebounded helping to limit the amount of future government debt. CNN reports not only that their is a this second bill, but moderates are also working on the current bill trimming the excess pork…
Some Republicans want to take it a step farther than their party’s leaders. Ten Republican senators, including Sen. John McCain, want more funds — almost $90 billion — for infrastructure. They are shopping around a plan with a price tag of just under $500 billion.
“We can either fight the Democrat proposals, which would increase the deficit incredibly and mortgage our children’s futures and not beneficially stimulate our economy, which we will do, in many respects. But we have to have a proposal of our own,” said McCain, R-Arizona.
That version of the stimulus measure, put together by Florida Sen. Mel Martinez, is broader than the one proposed by GOP leadership, but narrower than the Democratic bill.
The group of Republicans met Tuesday to discuss their plan because they don’t believe their leadership’s approach, focusing exclusively on the housing crisis and tax cuts, is enough to jump-start the economy.
Another alternative that’s getting a lot of attention is a bipartisan plan from Nebraska Democrat Ben Nelson and Maine Republican Susan Collins. The two moderate senators are looking at the current economic stimulus package and trying to scrub it of all spending that they say will not stimulate the economy.
One attempt to trim pork from the current bill was successful. An ammendment passed sponsored by Tom Coburn that eliminated a $246 million dollar tax break for Hollywood movie companies.
Senator McCain has sponsored a petition protesting the current version of the stimulus bill…
Sign Vote No On The Stimulus Package Petition