A second stimulus package is underway. The second stimulus package is being forged by the House Democratic leadership. They are currently working on a $150 billion package to bring relief to the hurting U.S. economy. Some analysts speculate that the second stimulus package could cost as much as $300 billion when it’s all said and done. As the economy continues to see a significant recession the anxiety is building for lawmakers to act quickly.
Stimulus Check? Try Stimulus Jobs
The main emphasis of this possible second stimulus package is the creation and security of jobs. The unemployment rate is at an all time high in the last five years. It rose to 6.1% over the summer and some fear it will continue to climb as high as 7.5% by the end of the year.
Another Stimulus Refund Check. $600-$1200
The second stimulus package will offer a few direct benefits for the consumer:
- A stimulus refund check, along the same parameters as the first. Depending on the income and size of the family, each household can expect a check in any amount from $600-$1200.
- A relief for those who are in need with their mortgages. The stimulus package suggests buying up runaway mortgages, refinancing and making it affordable for the homeowner.
- More jobs may come available for consumers who are in need of work. Those currently in financial crisis will be assisted by the government with extended unemployment benefits and high hopes of more jobs created.
Financial Relief for Local Government
Another potential emphasis of a second stimulus package being explored is to give some financial relief to state and local governments. Some specific areas that have been discussed are energy subsidies, aid in road repairs, assist the unemployment system and give help to the industries with the financial need (banks, automakers, etc.).
Other talks have lead to the spotlight shining on assisting homeowners that are facing foreclosure. These talks follow the suggestions of Senator John McCain’s proposal to buy up faulty mortgages and refinance to a reasonable price the homeowner could afford.
In September, the House approved a second stimulus package, but it was blocked by the Senate. It was a $56 million dollar package, significantly lower than anticipated. After this attempted was blocked by the Senate, there is suspicion that House Speaker, Nancy Pelosi, will call on Congress to continue working on the details. Pelosi said, “I call on President Bush and congressional Republicans to once again heed Chairman Bernanke’s advice and as they did in January, work with Democrats in Congress to enact a targeted, timely and fiscally responsible economic recovery and job creation package.” It will most likely be after the Presidential Election is over and Washington prepares for new leadership.
The Democratic Party has been working closely with Senator Obama, who is in full support of a second stimulus package. The Obama campaigns proposal is to place a separate tax on oil companies to help pay for the stimulus package, although the details of how this would work specifically have not been released.
Follow The Money
The particulars of the proposed second stimulus package are still being hammered out, but there are some facts coming out of Washington of how the monies would be used:
- $37 billion used for public works
- $6 billion to extend unemployment benefits
- $15 billion in assistance to Medicaid bills
- And $3 billion in food stamp assistance.
There have also been talks of another tax rebate check, similar to the ones in the first stimulus package. The amounts would the same and so would the eligibility requirements. The hope is that when Americans receive this rebate they will spend it in order to give the economy a boost. Many programs have already been discussed with banks and large, corporate retailers to provide perks for these checks, if a second stimulus package is approved.
President Bush, along with many Republican leaders, were leery of a second package due to the strain already placed on the economy by the first stimulus package, earlier this year. After consulting with a few key advisors the President is now open to a possible second stimulus package. The Federal Government spending more money is currently not a popular notion for those serving Congress, yet it seems inevitable to get our country out of this mess.
One of President Bush’s spokespersons said, “We’re not proposing a second stimulus package right now… We are open to good ideas, we will listen to people if they put anything forward that we think would actually stimulate the economy; so far we have not seen that.”
If President Bush does comply and Congress feels the need to move quickly, then an unusual Congressional session would have to be implemented after the elections.
The argument in Congress is that a second stimulus package would continue to increase the current federal debt. Many on the other side contend that we are in the middle of crisis that needs immediate action to avoid a greater disaster if no action was taken. When we start comparing our current financial situation to the Great Depression, they argue, something must be done. They believe a second stimulus package wouldn’t solve all the country’s issues but it would keep the economy afloat.
U.S. Federal Reserve Chairman, Ben Bernanke, is making his case on Capitol Hill. He has the ears of Congress and the President alike. Mr. Bernanke urges lawmakers and politicians to move swiftly on approving a second stimulus package. He believes the American economy will continue to sink into recession over the course of the next 12-24 months and that a stimulus package would help keep the economy somewhat stable.
Bernanke’s plea was met with criticism from House Republican Leader, John A. Boehner, who contended that any spending plan proposed to the US government with the word “billions” in it, is not in the best interest for the US economy. Boehner believes a second stimulus package would be a cover-up for more lose spending by the Federal Government.
The Federal Government is currently in a frenzy when it comes to financial reform and has immense pressure to move quickly towards a resolution. The Presidential transition may put a damper on the speed in which the government may act, yet there’s no telling how swiftly things can get done in Washington when the pressures on.
More Second Stimulus Resources
- www.cnn.com/2008/POLITICS/10/10/democrats.stimulus/
- http://www.washingtonpost.com/wp-dyn/content/article/2008/10/20/AR2008102000872.html -
- www.msnbc.msn.com/id/23983922/
- http://thehill.com/leading-the-news/progressive-caucus-pushes-for-second-stimulus-package-2008-03-04.html
- www.time.com/time/politics/article/0,8599,1840174,00.html
- http://www.irs.gov
- www.reuters.com/article/newsOne/idUSTRE49K5ZZ20081021
- http://www.washingtontimes.com/news/2008/oct/20/bernanke-urges-second-stimulus-package/
- http://ap.google.com/article/ALeqM5h19_YeGzwzlmJhx42iIA7nJF0_UAD93VRK8O0
- www.post-gazette.com/pg/08295/921476-28.stm?cmpid=business.xml
- http://marketwatch.com/news/story/second-stimulus-check-dont-cash
- http://www.moolanomy.com/692/second-stimulus-check
If we do see another stimulus check, I would once again give mine to my Mother ~ DK
{ 40 comments… read them below or add one }
Personally, I think it would be a wonderful idea to push for the second stimulus package. Due to the fact, that myself as a middle-class resident of Athens Ga, I’m living paycheck to paycheck. Times have gotten harder and that little extra money would really help put back money in my pocket.
Plus, I think you’ll should request a cost of living raise to be enforced. Because, people work 40+ hrs. every week and still the money we get paid, isn’t enough to make it through that blank week. I’ve enjoyed being able to voice my concerns hopefully, something will be taken in consideration.
I have been out of work for almost six months and I am a full time student as well as a full time mother of two girls and we all know how high maintenance girls are. I am struggling everyday to make ends meet and I hate to answer the phone just to listen to collectors saying where is my money and always having to say, I don’t have a job therefore can only pay what I can. This is getting old for me since I am used to paying my bills on time or early. I mean a second stimulus package would be just a God sent for me next year. I live in Brownsburg In and have been seeking a job on a daily basis and guess what, NOTHING! My unemployment benefits are going to stop June of next yr and that I can not afford to have done since it will leave me with nothing. I think I speak for all those in my position, the jobless people need a lot of help, this economy is not looking good, and bills need to be paid, if money is not coming in to my household, how is the bills supposed to be paid? I have no family here and I am sure I am not the only one in this situation, so what, we become homeless due to no job and later, no money? I refuse to lay down and just feel uselss. I have kids to feed. So this second stimulus package must be past and go through or the homeless will end up having a lot more friends to talk to on the streets and I am not saying that to be mean but it can be true.
i think it’s a good idea.we all need help from time to time.
I THINK IT SHOULD BE REQUIRED TO HELP THE PEOPLE IF THE GOVT BAIL OUT THE BANKING SYSTEM. WE DID NOT GET WHAT WE WERE TO SUPPOSE WITH THE FIRST CHECK SO THAT SHOULD BE ADDED TO SECOND STIMULUS CHECK ON DEMANDD!!!
We’re all feeling these hard times. I’m a college graduate with a Bachelors degree, and working in an hourly rate retail job. It’s all I could find, and I feel lucky to even have a paying job in this economy. The stimulus check will be really helpful, I just hope single folk like me don’t get overlooked as far as what money we might require.
I would love to receive a 2nd stimulus check. At least I know that my son would have a decent Christmas and we could put some money in the bank in case of emergencies. It’s okay to extend unemployment benefits and increase food stamp benefits but so many of the working class don’t qualify for food stamps and definitely not unemployment. So where does that leave us.. the working poor?
I total agree with you all a second stimulus would be a blessing im the mother of four beautiful kids and everything is high the cost of food water, and other things you need to servive, my water bill is 800 dollars and seem t be getting higher, my gas is high also. i think we as american deserver another check
I agree with all of the above. A second stimulus check for the working class would be so helpful to many of us. Especially now that the holidays are fast approaching, and I know I speak not only for self but for the vast majority of others, that this holiday season is going to look pretty grim for a lot of working middle class Americans. I do have a job and I thank God every day for blessing me, however with the high cost of food, utility bills, it’s tough out there. I try not to complain to much but after a while, it really does get to you.
I could sure us some extra money right now. I work 30 hours a week and have to drive 40 min there and back. Been looking for a job every day closer to my home but no luck, and I have good work experience. I got a 2nd job just through the hollidays as a bell ringer for Salvation Army standing out in the cold so my kids will have a Christmas. Now through the holidays I will be gone 8am to 9pm and for what. Most all my money goes for bills and gas to get to work. I have nothing left, eating the cheapest foods and going to the food pantry once a week. I have no time for my kids or myself cause Im to busy trying to live and surrvive. Its really hard to even live now days.
yes i think we all could use it. the economy is really taking effect with middle class.
yes, i think we all could use. especially here around the holydays, people just don’t have the money any more to just go blow it, i think if we get here around christmas yes i believe people would go out and spend it.
My husband passed away in September of this year,I am disabled,and am fighting for my disability. After having to use all our savings for his medical bills, (we were one of the unfortunate who could not afford health insurance), I could really use a little help from the government. Since I have no money whatsoever coming in, $300.00 around this time would help.
I would really appreciate another rebate check being I’m a single mother of 3 daughters. I lost my job back in 8/07, recieved unemployment also got the 13wk ext. I still have no job and now are recieving help from the state so yes another check would help towards christmas.
my opinion . i think we should get a second stimulus. if you ask me.. i’ll spend it on gifts for my daughter nieces & nephew and also for my mom…either way our economy is bad.. and you know what sucks.. one of my sister was out of job for a year now.. can’t get no job no food stamp no health insurance for her son.. what kinda government we have.. they like to help other countries. but, not for their fellow american.. can’t get no specail treatment.. wake up people…and hoping obama will make a difference.. and i’ve beeen praying.
I know a second stimulus check would be GREAT for the economy right now especially Christmas being right around the courner. I would spend it on gifts for my family therfore helping the economy.
I personally feel that any little exta help that the Americans people could receive will be very helpful. The second stimulus checks want solve all our money problems, but it will help to relive some stress. They to do a cost of living all the way across the broard. We need help and counting what we made and comparing to what we bring home is very different in many ways.
The government seems to be helping the wealthy get wealthier, meanwhile the working class is getting poorer. They keep raising our taxes, while they are force feeding us lines that we are all in a recession. The banking CEO’s at AIG just passed raises for themselves after the last bailout, while we were all hushed with a measly $600-$1,800 stimulus check. Now they are taunting a new, smaller carrot/stimulus check around the holidays so that the taxpayers will all be in agreement, and the CEO’s will give themselves another, larger raise. Does that seem fair?
I BELEIVE A SECOND STIMULUS CHECK WOULD BE BENEIFICIAL. THE FIRST STIMULUS CHECKS
WERE CONSUMED BY HIGH GAS PRICES. THIS TIME PEOPLE COULD USE FOR OTHER NEEDS AND WANTS.
I personally believe a second stimulus would be bennificial to my family and families like mine. We live paycheck to paycheck. We were makeing it ok until the recent rise in gas and groceries. Now we can barely get by. If it was not for nice people im not sure we wouldhave made it so long. We make ok money and we are haveing hard times. I feel for those who are worse off the we are. Its time that our government looks out for the little people for a change. I think that this stimulus would allow us to get a jump start beck to the way things were. If they can help the big buiness then they can help those who fund it… Us little people. Without us there would be no big people.
Really in need for groceries have know money or food to feed my children. My 8 year old and 10 year old say mama what are we having for dinner and all I can say is the Lord will make away because he’s not going to let my babies go hungery.
my exhusband and I are having very hard times hes on disabilty and I havent had a job for 14 months. we on a fixed income. even with just the two of us its very hard. we both have to take medication. my company paid me service pay but thats gone already. we could really could use that stimulus 2nd check and fast.
I feel for you and your current situation. I know what it's like to live and work and barely, barely make ends meet. Yes, I have a decent job, but that decent job does not allow for any "extras" in life, just skimping by without an increase in pay…this has gone on for over 3 years now and not one raise! It's as if the employer knows how difficult things are and they know you cannot leave your job and they know you have no choice but to stay. Savings has been depleted and the bills keep arriving!! Even though I do not have children, there are times when the cupboards and fridge are practically empty and we have had to suffice with a meager meal, it simply breaks my heart to know that children are hungry in a nation like ours.
i agree 100% with moon..i also live paycheck to paycheck, and in between the weeks i have to watch how much i spend, and were i will..Myrtle Beach,SC the work is hard to find, because we are a tourist town, so try getting 45 hrs on one paycheck for two weeks! that is how many hours i get in the fall/winter and it hurts my pocket deeply, another stimulus check will be very helpful to me and other Americans as well
Amen brother..i agree all the way! and with the rest of the people on here
A second stimulus check would do any of us no good if it's the same BS they sent out earlier this year. There are so many people behind on current debts, etc. that the money would not even go back into the economy. If their not going to give every taxpayer at least $100,000.00 with stipulations (requiring receipts) using the money for what it was allotted for, a second stimulus package isn't going to do us any good. I'm so sick and tired of this government who continue to pump money in the hands of folks that have proven time and time again that they are not deserving of the money. If they gave the money to tax payers, we would put it back into the econonmy…this is really common sense but apparently we're the last people on their minds.
so many people are hurting due to lack of work, increased prices in fuel and food, & not enough charity in this country. we help starving children all over the world and you know you never see commercials or ads for the starving children for the people of the united states. why can't americans help americans first for a change? this stimulus package would be really good right now because people can't afford to eat when it comes to rent or medications over food. the holidays are right here and people are going to be even further in debt due to that. this stimulus would help alot of people recover from that since americans have made christmas to be more material than spiritual.
i would love to see another stimulus before christmas. then i would be able to buy a little christmas for my grandkids. i am a working mother/grandmother , we have been cut down to 4 day work weeks for several months and in december we are off of work from the 18th to the 5th of jan. with only holiday pay. i have my daughter living with me to help her out with her daughter and her niece which she has custody of. she recieves no other help from anyone and another stimulus check would help her at this time also. it would be a relief just to know that i could be able to meet the high heat bill , as well as a few christmas presents. without it i wont be able to get any presents as the bills come first.
I agree with everyone the only thing is that 600 bucks only goes so far. I live in so cal and a one bedroom cheap apartment is 1300 a month and more not counting the ultities. Our govt. needs figure this out and not just throw bits of money our way, this not a solution, its hardly help these days.
It would be a great blessing to recive the second stimulus check before christmas, So that the people who are unable to christmas shop for there kids will have the oppiturnity to shop for there kids and loved ones.
I agree with u 100%
Well my opinion is that we quit bailing out the big corporations and start bailing out the american people if u gave us the money your going to give ford or that u gave aig at least we would use it to pay off bills which would help banks mortgage companies not just ceos and if it was enough to pay off bills we would probably go out and buy things like new cars houses and things but lets help out the rich to get richer so the poor stay poorer
I agree with finley 100 %
i think a 2nd stimulus package would be wonderful. maybe this time we can actually get gas and get to spend it on the things we need for our families. there are so many hard working people out here who deserve it considerabally.
I wish whatever the goverment is going to do they would hurry and do it. We are all in need some kind of way. Before they decide it'll be valentines day!
I think a 2nd package would be nice. the unemployment extention was nice, but I did find a job that lasted 4 days! Since I didnt make over 1800.00 durning that week I no longer qualify for Unemployment. The food stamp increase was nice too until I got laid off and now my family can no longer get that either. Sometimes I wonder whats really going on.
we all need this second check, i need to get fuel for my house and food for my table. I would love to shop for other things but our needs come before our wants. God bless us all.
We all need that second check,I belive it have been so bad for everybody this year.My hours at work got cut down and my husbands .We have four childern my mother fell last feb she moved in with us cause the doctors took her off of work when they run test on her we found out she has colon cancer,so there taking the rest of her colon out and they think she mat have lung cancer in her right lung but is to small for them to test.It's been really heard on us and my mom because she can't work so there fore she haves no income only my husband and I can help her with,she applied for ssi but we haven't heard from them jet.The second check can really help us in so many ways.
ARE WE GETTING ANOTHER STIMULUS OR NOT I KNOW IT WOULD REALLY HELP US OUT ALOT
The extra money would come in real handy to pay some bills off and also to get caught up with other things, to get food and medication that my husband needs. How much would a 2 person household get without any dependents, does anyone know.
Just how soon should we the people of SOCAIL SECURIT , Be expecting the next check . Befor the holidays or after?