Tuesday, February 17, 2009
WASHINGTON - President Barack Obama, keen to get his economic program rolling, met Friday with top Democrat and Republican leaders and said Congress appears "on target" to approve a massive new stimulus package by Feb. 16.
1. The Stimulus Package is a bill that was passed to get the U.S. out of economic recession and keep the nation out of a depression. The stimulus package is necessary, simply because it will allow the citizens of U.S. to be put back to work and save energy. A recession is a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. A depression is a severe despondency and dejection, typically felt over a period of time and accompanied by feelings of hopelessness and inadequacy. This is what a the Stimulus Package is used for.
2.One agreement for both sides of the government was that some people expect to lose a trillion dollars worth of demand this yearthe year after. The Democrats disagreed that the stimulus package wasn't using enough money. The republicans thought it was just a spending bill. These are some agreements and disagreements on the Stimulus Package.
3. The spending details of the Economic Package is that the government has $275 billion in Tax Cuts. The house Democrats also want to roll out details of an $825 billion economic stimulus package to fight depression. The Two-Year package calls for a $550 billion in spending. $90 billion goes towards increasing the "federal share of Medicaid payments". In addition, $79 billion goes toward helping states avoid cutbacks in educatiuon and other service. These are some spendin details of the Economic package.
4. Some other areas of the Package that President Obama discussed in both speeches was to reduce energy usage, saving the government energy,and giving about 3.3 million jobs for people out of work.
5. I believe the Stimulus package will have a positive affect on African-Americans of the U.S. This is so because, of President Obama's plans to put citizens of this nation back to work. That plan alone will help african-Americans. For example, everyone has or knows a family member that has been layed-off. This is how I think the Stimulus package will benefit African-Americans.