stimulus

Ready to Go Jobs, Shovel Ready Jobs - Here Come the Lobbyists!

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As previously discussed, the devil always resides in the details of a large appropriations bill from Congress and the Stimulus is no exception.

Now Congress is trying to ascertain which jobs would be ready to go, shovel ready or quickly created from the upcoming Stimulus package.

Aha! Earmarks are banned you say? No problem say the lobbyists!

It won't be in legislative language that overtly sets aside money for them. That's the infamous practice known as earmarking, which Obama and Democratic congressional leaders have agreed to nix for the massive stimulus package, expected to come up for a House vote this week.

Stimulus Plan Repeals Financial Sector Huge Tax Breaks

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Well, this went sliding by. Obama's stimulus plan repeals tax breaks given to banks for mergers and acquisitions earlier this year. The repeal only affects future mergers and acquisitions.

To address the financial industry meltdown, the Treasury Department last fall issued a new tax rule to make it more attractive for healthy banks to buy troubled ones hit hard by the mortgage crisis. It allowed healthy banks to avoid billions of dollars in taxes by offsetting their profits with the losses of the banks they acquire.

Before, the merged bank could write off only a limited amount of the losses. Removing much of the restrictions enabled the acquiring banks to make huge reductions in their tax liabilities.

Dem State Governors Want $1 Trillion in Aid

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I remember when the Iraq war price tag, then $1 trillion made peoples eyes bug out.

Now we see almost every day, yet another trillion dollars is needed.

Here is the latest: Governors Seek $1 Trillion in Federal Aid Over 2 Years:

The money would finance schools, public works projects, social services and tax cuts for the middle class, according to an economic stimulus plan presented by the governors.

Gov. Deval L. Patrick of Massachusetts said, “We’re really talking about a bridge from where we are today to where we think the economy will be in two years’ time.” He spoke during a conference call in which he was joined by Mr. Paterson and the governors of New Jersey, Ohio and Wisconsin. All five men are Democrats.

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