What is an Economic Stimulus Package?

The economic stimulus plan is a major measure to save the US financial crisis after the Obama administration took office.

Economic stimulus plan

discuss

The economic stimulus plan is a major measure to save the US financial crisis after the Obama administration took office.

Chinese name

Economic stimulus plan

Implementer

Obama administration

Purpose

Saving the US financial crisis

the way

Job creation and investment

event

The US Senate has begun discussions on Monday in local time over the $ 189 billion Obama stimulus package passed by the House last week. The Senate is expected to discuss the proposal for a week and the deliberated plan is expected to be passed as soon as this Friday. Starting on the 3rd local time, the Senate will start several rounds of voting procedures on the revised plan. At present, members of the Democratic and Republican parties have proposed amendments to the tens of billions of dollars.

Conrad, chairman of the Senate Budget Committee and a Democrat, said that members of both parties believe that the real estate industry rescue measures involving at least $ 50 billion in the Obama stimulus package need to be modified. They believe that in order to avoid more people losing their homes, economic stimulus The plan must include at least $ 50 billion in funding for homeowners. Another Democrat, Nelson, said he and other senators expressed doubts about how much the plan could save the economy, and were prepared to suggest amendments to the program involving billions of dollars. In addition, some Republicans in the Senate think that the tax relief for this plan is not enough, they have not really eased the pressure on mortgage lenders, and they think that government spending should be reduced. They hope not to expand the size of the economic stimulus plan.

Although more than $ 400 billion in rescue funds are still available, US-elected President Obama already has his own economic stimulus package. On the 8th, when the new Congress officially announced his election as the 44th president of the United States, Obama delivered a speech at George Mason University in Virginia, announcing parts of the new economic stimulus plan, and urged Congress to approve this plan as soon as possible.

This is the first public speech since Obama was elected president of the United States. Obama said the new economic stimulus plan is designed to help the US economy recover from recession and grow by creating jobs and increasing investment. Its contents include: developing clean energy industry and promoting government and household energy saving; improving the quality of medical insurance and promoting paperless operation in the medical system; modernizing and upgrading schools; starting large-scale infrastructure investment; and popularizing broadband networks across the country.

Obama also said that as part of the economic stimulus plan ^[1] , 95% of American households will immediately enjoy a $ 1,000 tax cut benefit to stimulate people to increase consumption.

It has been previously reported that the total amount of this economic stimulus plan ^[2] may be as high as $ 775 billion. Obama did not discuss the specific amount of the plan on the 8th, but said that the total amount would be "quite considerable." He also urged members of both parties in Congress to focus on national interests, put aside differences, and work together to approve the new economic plan as soon as possible.