Category Archives: $1 trillion

Liberals have a trillion reasons to accept tax cuts in stimulus

By Mike Soraghan – The Hill

The most liberal members of Congress huddled together in early December, and decided they needed to push their fellow Democrats to be bold with the economic stimulus legislation being drafted.

So the Congressional Progressive Caucus fired off a letter to House Speaker Nancy Pelosi (D-Calif.) urging a stimulus of at least $1 trillion.

Now they find themselves in the mainstream, as they see the stimulus climbing toward a figure few expected to reach.
“We were figuring people would be talking about $300 billion to $400 billion,” said one participant. “Who knew we were going to be out-liberaled?”

The sheer size of the stimulus goes a long way toward explaining why there has been little liberal opposition to President-elect Obama’s decision to adopt the conservative Republican mantra of tax-cutting as part of his signature “recovery” legislation.

Rather than being carved out of a finite stimulus plan, the tax cuts have essentially been loaded on top of a package so big it has something for nearly everyone. Public works projects and job creation haven’t been displaced from the massive package, which Obama and Congress are hoping can shake the economy from its downward slump.

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