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Thursday, February 07, 2008
Stimulus Stalled in Senate by Single Vote
By a 58-41 vote last night, the Senate fell one vote short of invoking cloture on the stimulus package passed last week by the Finance Committee. Majority leader Harry Reid (D-NV) lost his bid to pass a broader package than was passed by the House on Jan. 29. Reid had told his GOP colleagues that the vote would be their one-and-only chance to vote on a stimulus package, but he is virtually certain to hold a vote in the coming days on a pared down version of the Finance Committee bill.
Last night's margin could not have been closer. With 51 Democratic votes, Reid needed support from nine GOP colleagues to prevail. He got eight: Norm Coleman (MN), Susan Collins (ME), Elizabeth Dole (NC), Pete Domenici (NM), Charles Grassley (IA), Gordon Smith (OR), Olympia Snowe (ME), and Arlen Specter (PA).
Yesterday's CBO cost estimates of the House and Senate bills -- neither of which is paid for -- makes clear the difference in their price tags. Over FY08-09:
- the House bill costs $161 billion -- $146 billion in lost revenue; $15 billion in increased spending
- the Senate Finance bill costs $204 billion -- $136 billion in lost revenue; $68 billion in increased spending (rebates exceeding individuals' income tax liability are classified as direct spending)
Posted by Dana Chasin
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