The big news this morning, for sure, is the passage of the $819 billion stimulus package by the U.S. House of Representatives. We have yet to see what the Senate will do, but this thing is sure to climb through the ranks and get the presidential signature soon enough.
Throughout the day today, we'll take a look at some of the details of the package, both at the federal, the state and the local level. We will here what our representative in Congress, Chris Lee, has to say about the bill. We will get a response to Lee's vote against the package from some local Democrats. We will also look to get your opinion on this topic, so please keep an eye out for today's poll, which I hope to get up later this morning.
Let's start out with a broad look at what the stimulus package means for the nation. This is from the New York Times:
At first, it will trickle into paychecks in small, barely perceptible amounts: perhaps $12 or $13 a week for many American workers, in the form of lower tax withholding.
For the growing ranks of the unemployed, it will be more noticeable: benefit checks due to stop will keep coming, along with an extra $25 a week.
At the grocery store, a family of four on food stamps could find up to $79 more a month on their government-issued debit card.
And far bigger sums will appear, courtesy of Washington, on budget ledgers in state capitals nationwide: billions of dollars for health care, schools and public works.
Speaking of billions in health care and school aid, Sen. Chuck Schumer put out a release yesterday detailing the chunk of change due to come to upstate New York—$1.6 billion over the next two years. (Don't know about anyone else, but these numbers are always so staggering. If anyone knows of a good source that looks into how the government can come up, hocus pocus, with nearly a trillion dollars every time things start to look grim, please let me know.)
From Sen. Schumer:
The American Recovery and Reinvestment Act, will send nearly $1.6 billion over two years to Upstate New York counties in direct budget and education funding. Right now, the stimulus is expected to include $737 million in federal Medicaid relief for Upstate New York counties to help ease pressure on the overall budget, as well as a minimum of $860 million in education aid.
Western New York is due to see $70.4 million in budget relief for Medicaid and $175 million in school aid, according to Schumer's office. At the end of the release, we're told that the Senate will likely vote on the package next week in the hopes of getting the final draft to the president by President's Day, February 16.
We will get up part two of our look at the stimulus package later this morning. Please be sure to check back. In the meantime, you may want to check out the New York Times Web site, where they have put together an informative graphic that includes some audio commentary from some economists on how the nation handled past recessions.