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Democrats criticize Obama's proposed tax cuts

Jan 8, 7:13 PM (ET)

By STEPHEN OHLEMACHER

(AP) President-elect Barack Obama speaks about the economy, Thursday, Jan. 8, 2009, at George Mason...
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WASHINGTON (AP) - President-elect Barack Obama's proposed tax cuts ran into opposition Thursday from senators in his own party who said they wouldn't do much to stimulate the economy or create jobs. Senators from both parties agreed that Congress should do something to stimulate the economy. But Democratic senators emerging from a private meeting of the Senate Finance Committee criticized business and individual tax cuts in Obama's stimulus plan.

They were especially critical of a proposed $3,000 tax credit for companies that hire or retrain workers.

"If I'm a business person, it's unlikely if you give me a several-thousand-dollar credit that I'm going to hire people if I can't sell the products they're producing," said Sen. Kent Conrad, D-N.D., a member of the committee.

"That to me is just misdirected," Conrad said.

Sen John Kerry, D-Mass., said, "I'd rather spend the money on the infrastructure, on direct investment, on energy conversion, on other kinds of things that much more directly, much more rapidly and much more certainly create a real job."

The cost of the economic rescue package Obama wants is expected to swell to $800 billion or more. About $300 billion of Obama's package would be for tax cuts or refunds for individuals and businesses.

One tax provision would provide a $500 tax cut for most workers and $1,000 for couples, at a cost of about $140 billion to $150 billion over two years. The individual tax cuts may be awarded through withholding less from worker paychecks, effectively making them about $10 to $20 larger each week.

Sen. Ron Wyden, D-Ore., said he doubted that a modest tax cut would change consumers' spending habits.

"In tough times people don't respond all that well to marginal changes, such as a small amount of money added per paycheck," Wyden said.

(AP) President-elect Barack Obama makes remarks on the nations economy, Thursday, Jan. 8, 2009, at...
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Democratic Sen. Max Baucus of Montana, chairman of the Finance Committee, said he hopes to schedule a committee vote on the stimulus package in about two weeks, which would coincide with the week of Obama's inauguration. Many senators still hope to approve a package by mid-February.

There is "general agreement that because of the recession we've got to move, we've got to move quickly, very quickly," Baucus said.

He added that it is too early to pass judgment on any aspect of Obama's plan.

"This is an early part of this whole process. A lot of preliminary questions are going to be asked," Baucus said.

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Associated Press writer Andrew Taylor contributed to this report.
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quote:
Sen John Kerry, D-Mass., said, "I'd rather spend the money

That's a perfect example of what is wrong with the economy right now.These stupid bastard politicians had rather spend our money on what they think we need rather than let us keep it and get what we really do need.Thank the Lord that lurch looking SOB didn't get elected.
quote:
Originally posted by Backwoods:
quote:
Sen John Kerry, D-Mass., said, "I'd rather spend the money

That's a perfect example of what is wrong with the economy right now.These stupid bastard politicians had rather spend our money on what they think we need rather than let us keep it and get what we really do need.Thank the Lord that lurch looking SOB didn't get elected.


Oh right - bush did such a great job over-seeing our economy. Give me a break.
quote:
Oh right - bush did such a great job over-seeing our economy. Give me a break.


I think Bush and McCain made attempts to regulate the morgage industry but were blocked by people like Dodd who go a sweetheart load from Fanny Mae and Frank who was dating a executive at Fanny Mae who came up with the program to give people morgages who who didn't qualiy.

Ironic Obama is keeping the tax cuts and can't implement his tax plan because it would be so detrimental to a ailing economy.
MONEY-GRUBBING SENSATIONALIST!
quote:

Hannity and Coulter are two of a kind--both are rude, simplistic, money-grubbing, loudmouthed, shabby provocateurs. They are clods in the churn of informed discourse.
quote:


Sean "Turd" Hannity has always done?



Yep,AS,I sure am proud to know that it's only us evil conservatives that call names.
quote:
Originally posted by Backwoods:
MONEY-GRUBBING SENSATIONALIST!
quote:

Hannity and Coulter are two of a kind--both are rude, simplistic, money-grubbing, loudmouthed, shabby provocateurs. They are clods in the churn of informed discourse.
quote:


Sean "Turd" Hannity has always done?



Yep,AS,I sure am proud to know that it's only us evil conservatives that call names.


Didn't say it was. I was pointing out how effective that method works.

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