Wednesday, January 28, 2009

House Republicans ask for more tax cuts

House Republicans are offering a counter-proposal to President Barack Obama's economic stimulus plan, but it looks likely that it will pass with a Democratic vote today. The Republicans are still looking for more tax cuts rather than new government spending.

However, tax cuts now might encourage recession-wary Americans to save rather than spend given the regular flow of gloomy economic news. Apparently that's what happened with the last stimulus plan, and even banking companies have squirreled away money from the big financial bailout instead of making it available for new lending.

The Miami Herald
House Republicans Push Counter-Proposal on Stimulus
FOXNews - 1 hour ago
An economic stimulus bill pushed by Republicans in the House would shift focus entirely from spending to tax relief. Far from rolling over, House Republican leaders are trying to win concessions from President Obama over the massive economic stimulus ...
Video: House Expected to Vote Wed. on Stimulus Package AssociatedPress

South Florida Republicans resist Obama's stimulus plan The Miami Herald
Gloom Deepens Among Executives, Economists at Davos
Bloomberg - 2 hours ago
28 (Bloomberg) -- Gloom is deepening among business leaders and economists, casting a pall over this year’s World Economic Forum in Davos, Switzerland. ...
Video: Davos'09: global crisis in mind RussiaToday

Gloom enshrouds Davos crisis summit AFP
DAVOS: Doom and gloom at World Economic

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