Senate Moderates Negotiate Cuts to Economic Stimulus Bill
By Shailagh Murray, William Branigin and Paul Kane
Washington Post Staff Writers
Thursday, February 5, 2009
A large group of Senate moderates huddled in a Capitol Hill conference room today in an effort to cut tens of billions of dollars from an economic stimulus bill that now tops $900 billion, as wrangling continued over a package that President Obama called vital to prevent the nation from falling into potentially irreversible decline.
The centrist group has identified at least $80 billion in recommended cuts from the legislation, according to a draft given to The Washington Post, with a huge chunk of the recommended reductions coming in education funds.
In a late afternoon vote, senators shelved a substitute stimulus plan offered by Sen. John McCain (R-Ariz.) that would have cut the total cost to $421 billion. The vote along party lines was 57 to 40 against waiving the Budget Act so that McCain's amendment could go ahead.
The Senate also voted 62 to 35 to reject an amendment by Sen. John Ensign (R-Nev.) that would have provided federal support for 30-year fixed home mortgages of 4 percent to 4.5 percent. Republicans said the measure was essential to jumpstart the housing market. Democrats argued it would cost hundreds of billions of dollars, be used mainly for refinancing and provide a windfall for banks.
(More here.)
Washington Post Staff Writers
Thursday, February 5, 2009
A large group of Senate moderates huddled in a Capitol Hill conference room today in an effort to cut tens of billions of dollars from an economic stimulus bill that now tops $900 billion, as wrangling continued over a package that President Obama called vital to prevent the nation from falling into potentially irreversible decline.
The centrist group has identified at least $80 billion in recommended cuts from the legislation, according to a draft given to The Washington Post, with a huge chunk of the recommended reductions coming in education funds.
In a late afternoon vote, senators shelved a substitute stimulus plan offered by Sen. John McCain (R-Ariz.) that would have cut the total cost to $421 billion. The vote along party lines was 57 to 40 against waiving the Budget Act so that McCain's amendment could go ahead.
The Senate also voted 62 to 35 to reject an amendment by Sen. John Ensign (R-Nev.) that would have provided federal support for 30-year fixed home mortgages of 4 percent to 4.5 percent. Republicans said the measure was essential to jumpstart the housing market. Democrats argued it would cost hundreds of billions of dollars, be used mainly for refinancing and provide a windfall for banks.
(More here.)
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