“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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Trader disclosure: On Feb. 4th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman Owns (PAL), (MSFT), (BAC); Finerman's Firm Owns (DNA) & (DNA) Calls; Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (USO); Najarian Owns (CAT) Call Spread; Najarian Owns (EEM) Call Spread; Najarian Owns (FCX) & (FCX) Calls; Najarian Owns (ENER) & (ENER) Call Spread; Najarian Owns (GDX) Call Spread; Najarian Owns (MSFT) & (MSFT) Short Calls; Najarian Owns (MS) & (MS) Short Calls; Najarian Owns (MOS) Call Spread; Najarian Owns (DLTR) Calls; Najarian Owns (PALM) Calls; Seymour Owns (BAC), (EEM), (FXI), (MOS), (PBR), (CBRE)
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