Chief Negotiator to Senate: Pass the Deal Now!

January 28, 2008

(Long Island, N.Y.) Henry Paulson who played an integral part as the chief negotiator of the deal reached by Congress and the White house last week dubbed the “stimulus plan” designed to inject the economy with over $150 Billion to help tax payers and business owners recover from a fledgling economy warned the Senate yesterday to approve the proposal quickly in order to avoid the resentment of an already irritated public.

The White House last week released a plan agreed upon by house leaders to rebate over 117 Million taxpayers of checks amounting from $600-1200 per household and more if dependents where declared; up to $300 per dependent. Also, in the proposal is a $50 Billion incentive to businesses for building new plants and equipments this year. The proposal is already in the Senate for review and a quick resolution was called upon by the public to ensure faster releasing of the said rebates and incentives.

“I don’t think the Senate is going to want to derail that deal,” Treasury Secretary Henry Paulson said. “And I don’t think the American people are going to have much patience for anything that would slow down the process.”

Senate representatives stated that they should not be pressured for quick resolution since they have the Public’s best interest at heart. They are considering some elements of the deal that could help benefit the public much more than the original plan hatched by Congress and the White House. Some of which includes extending unemployment benefits for workers whose benefits have run out, boosting home heating subsidies, raising food stamp benefits and approving money for public works projects.

New York Senator Hilary Rodham Clinton said, “We’ve got to take care of the people who are losing their jobs with more unemployment. We may have to look at food stamps for people who are falling out of the middle class”

In a statement to the Senate’s claim of added benefits, Paulson added that “I believe that what we’ve got here is something that will work and will work quickly and more quickly than some other alternatives,” Paulson said. “And again, once you start considering additions — the food stamps, unemployment insurance and so on — it’s a slippery slope, and there is a real danger that we’re going to bog down and screech to a stop.”

If the deal is approved by the Senate, checks will be issued as early as May and taxpayers could receive checks through the mail by Mid June, which some hope will even be in time to give the economy and the stock market the boost it needs. The announcement of such a plan created an upsurge of positive trading at Wall Street last week.

Posted by News LI Editor · Edited by Brianna - Filed Under Money