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Senate Finance Committee passes stimulus plan |
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By J. Taylor Rushing
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Posted: 01/30/08 07:59 PM [ET] |
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The Senate Finance Committee passed its economic stimulus plan Wednesday, refusing to rubber-stamp a rival plan negotiated between the House and President Bush.
The bill was approved in a 14-7 vote, but only after income caps on those eligible to receive tax rebates were reinstated. The final bill doubled the income caps included in the House bill so that rebates are phased out for individuals earning at least $150,000 and couples receiving $300,000.
The Senate bill also broadened the House-Bush proposal by including 21 million seniors and 250,000 disabled veterans that had been excluded, and by adding an extra 13 weeks of unemployment benefits for jobless Americans.
The striking of the income ceilings in an initial bill offered by Finance Chairman Max Baucus (D-Mont.) had drawn criticism from House and Senate Democrats, prompting Senate Majority Leader Harry Reid (D-Nev.) to say their elimination made him “want to gag.”
By reinserting caps and then doubling them, Baucus hoped to win critical bipartisan support from Republicans while placating House Democrats who had negotiated hard to win the caps last week. The bill also expressly excludes members of Congress from receiving the rebates.
The Senate could vote on the package as early as Thursday. Initially an earlier vote appeared possible, but Reid said an agreement to bring it to a vote Wednesday night fell apart at the last minute.
Its chances are far from certain, given GOP opposition to the package. Seven of the committee’s 10 Republicans voted against it, including Majority Whip Jon Kyl (R-Ariz.). Sen. Charles Grassley (Iowa), the panel’s ranking Republican who works closely with Baucus, was one of three Republicans to support it.
All of the committee’s Democrats voted to approve the bill.
Baucus said he believed 60 votes would be needed to invoke cloture and cut off floor debate on the bill, and that the support is there. He described his committee’s bill as far superior to the House-Bush plan because it includes seniors and veterans.
“The big picture is that this bill provides direct stimulus to almost all Americans,” Baucus said. “It is very, very targeted to people that will spend the money. And it’s simple. Simplicity is the key.”
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