Urbin Report

Thursday, February 12, 2009

democrats reduce tax cuts keep partisan pork

I'm not really surprised that the congressional democrats kept the port for the their pet projects and payback for their far hard left extremist supporters, but reduced the tax cuts that would have actually stimulated the economy.

The $500-per-worker credit for lower- and middle-income taxpayers that Obama outlined during his presidential campaign was scaled back to $400 during bargaining by the Democratic-controlled Congress and White House. Couples would receive $800 instead of $1,000. Over two years, that move would pump about $25 billion less into the economy than had been previously planned.
Officials estimated it would mean about $13 a week more in people's paychecks when withholding tables are adjusted in late spring. Critics say that's unlikely to do much to boost consumption.

No crisis for the democrats, it's just politics as usual.