Senate vote pending on stimulus package; bill ignores 'trickle up' economics

Senate Majority Leader Harry Reid said today that he hopes the Senate can conclude negotiations on the final stimulus package and vote on the package before adjournment this evening. The PBS News Hour tonight has reported a breakthough in the talks for a deal valued at $780 billion.

"The world is waiting to see what we're going to do in the next 24 hours,'' said Sen. Reid, referring to this morning's announcement of the unemployment numbers that rival the worst figures in 1974.

Sen. Susan Collins (R-Maine), right, joined by
Sen. Ben Nelson (D-Neb), left, speaks with
reporters on Capitol Hill in Washington on
Thursday, Feb. 5, 2009, following a Senators-
only meeting to discuss the stimulus package.
Sen. Michael Bennet (D-Colo), center, and
Sen. Mark Udall (D-Colo), look on.
(AP Photo/Lauren Victoria Burke)

"These numbers demand action," President Barack Obama said this morning. "It is inexcusable and irresponsible for any of us to get bogged down in distraction, delay or politics as usual while millions of Americans are being put out of work."

Senate Minority Leader Mitch McConnell, in contrast, keeps asserting that it was more important to get the package right than to pass it quickly.

A group of almost 20 moderate senators from both parties continue negotiations at this hour, aiming to cut around $100 billion from President Obama's two-year plan, which has grown through floor amendments to $935 billion. (For the full text of the 736-page stimulus bill, prior this week's amendments, click here.)

At the center of the debate is the enduring conflict between Democrats and Republicans over the economic benefits of spending versus tax cuts. Republics are insisting on more tax cut to win their support. Democrats, in turn, are insisting the last administration proved that "trick-down economics" based on tax cuts are not enough to stimulate the economy. 

Another issue being raised is that because the bill lacks earmarks specifying exact projects, the actual spending allotments will be left to the discretion of state and local leaders. To counter Republican fears of misappropriation and waste, Democrats say the bill provides ample oversight and accountability reporting.

My own take here is that the morst workable suggestion so far is being ignored. This came last from comedian Jon Stewart in his interview of Gwen Ifill on The Daily Show. Stewart calls his plan "Trickle Up Economics." I wish Congress would do more than laugh at the humor. I wish Congress would truly listen.

You can view the entire segment for yourself.

• Contact the White House
• Contact the Congress

A REQUEST: Please keep your comments relevant to the topic of the posting above.
And please practice civility in your interactions with others here. Thanks.