President Obama is proposing a huge massive rebuilding program that costs around $50 billion. Obama, hoping to stimulate the economy, will call for 150,000 miles of roads, 4,000 miles of railways, and 150 miles of runways to be constructed or rebuilt. Meanwhile, in a give-a-way to business, Obama will also propose that companies be allowed to more quickly write off 100% of their new investment in plants and equipment through 2011. It's unclear so far how Obama plans to get this through Congress. If he does it by extending existing programs, it could get through the Senate by reconciliation, a process that only requires 50 votes and that was used extensively by George Bush to pass his tax cuts and give goodies to rich people. Doing so, however, would mean abandoning any pretense of bipartisanship, and may even encounter resistance from some of the more heavily corporate funded Democrats like Ben Nelson and Blanch Lincoln. Whether it passes or not, however, the stimulative effect won't be felt until next year, to late to help Obama with this year's election.
Will Obama's $50 billion Plan Work?
Sep. 7, 2010 7:56 am