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January 24th, 2008 at 11:58 pm

You Might get $600 of your OWN MONEY Back by May! (Pelosi Blames Bush)

» by Jenn Sierra in: FHK/General

Quote of the Day, Nancy Pelosi (D-CA):

“I have always said, uh, that what we needed to do is put money in the hands of people who will spend it right away….”

 

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The A.P. is reporting:

With unprecedented speed and cooperation, Congress and the White House forged a deal Thursday to begin rushing tax rebates of $600 to $1,200 to most tax filers by spring, hoping they will spend the money just as quickly and jolt the ailing economy to life.

Rebates would be even higher for families with children.

The one-time tax rebates are at the center of a hard-won agreement to pump about $150 billion into the economy this year and perhaps stave off the first recession since 2001. House Speaker Nancy Pelosi, Republican leader John Boehner and Treasury Secretary Henry Paulson worked out the details in negotiations that stretched into Wednesday night at the Capitol.

Nancy Pelosi, “Agreed to drop increases in food stamp and unemployment benefits during a Wednesday meeting in exchange for gaining rebates of at least $300 for almost everyone earning a paycheck, including low-income earners who make too little to pay income taxes.”

Reuters:

The S&P 500 index on Thursday rose more than 1 percent as stocks extended gains, helped by optimism about a deal for tax rebates to stimulate the U.S. economy.

U.S. House of Representatives Speaker Nancy Pelosi said on Thursday that 117 million U.S. families would receive a tax rebate check under a deal reached to provide stimulus to the U.S. economy.

The Dow Jones industrial average <.DJI> was up 94.95 points, or 0.77 percent, at 12,365.12. The Standard & Poor’s 500 Index <.SPX> was up 13.39 points, or 1.00 percent, at 1,351.99. The Nasdaq Composite Index <.IXIC> was up 38.14 points, or 1.65 percent, at 2,354.55.

(Here’s fun game…count the forced smiles in this video as Speaker Nancy Pelosi attempts to convince the press corps that she can relate to the “American People,” and emphasizes that this (letting people spend a few hundred dollars of their own money the way they want) is being done only as a TEMPORARY measure, to try to fix the Bush economy.)

(Click on the photo below to watch the video.)

pelosivideo.jpg

 

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(also on Conservablogs)

Also see: Stimulus Package - Cartoon by Nikitas

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