So long Mr. Nice Guy. It looks like Barack Obama is ready to play hardball to get his stimulus passed.
We’re hearing that as of late Thursday the President has enough votes in his corner to pass his massive economic stimulus package. That comes after he said the United States faced a potentially irreversible economic crisis, unless Congress passed his stimulus quickly.
“If nothing is done, this recession might linger for years .... our nation will sink deeper into a crisis that, at some point, we may not be able to reverse," Obama said.
However, we’re also hearing about growing concern that the stimulus is getting rushed through Congress.
“It’s $1 trillion. It’s just mind boggling that we’re trying to rush this through in just one week," says Sen Kay Bailey Hutchison (R) Texas on Fast Money. “We should not rush until we know that it will be stimulative and that the tax cuts will work.”
As you probably know the Democrat’s stimulus plan involves a mix of tax cuts and spending on massive public works projects involving infrastructure, healthcare, education and more – on the order of FDR’s “New Deal.”
The GOP had advocated an alternative plan centering on cutting in half a 6.2 percent payroll tax on employees, cutting the corporate tax rate to 25 percent from 35 percent and lowering the bottom two income tax brackets to 10 percent and 5 percent, all for one year.
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