To read the original publishing of “Overstimulated” By The Morning Call’s John Micek, please click here: http://blogs.mcall.com/capitol_ideas/2009/02/overstimulated.html
FEBRUARY 10, 2009 — The U.S. Senate is set to vote today on its $827 billion version of the Obama administration’s economic stimulus plan that would reinvigorate the U.S. economy by … erm … doing some things that we’re not sure we entirely understand, but we do know it has something to do with Pell Grants.
Last night, senators voted more or less along party lines to approve a cloture motion (from the Latin meaning, “Arlen Specter has finally made up his mind.“), thus clearing the way for today’s expected action.And, of course, Republicans are cheezed off at Pennsylvania’s senior United States senator for supporting a plan that they say will saddle the nation with debt until the Earth plunges in the sun. Hardcore GOPers, asked for their alternative, muttered something about tax cuts — because those have worked so well up ’til now.
In a briefing with reporters on Monday at the Paragon Centre in South Whitehall Township, Lehigh County, Specter defended his decision to help craft and promote the compromise that paved the way for the scaled-back Senate package.
”I think it is imperative that there be some action,” he said. ”After paring out $110 billion, I think we have made very substantial cuts, and I think it is the best that can be done under the circumstances.”
Now, here’s the part you need to be concerned about:
The Senate version of the stimulus bill trims about $40 billion in direct aid to states, including Pennsylvania, that are struggling with ballooning budget deficits. Our fair commonwealth, more astute readers may recall, currently faces a year-end gap of $2.3 billion that could grow to as much as $5 billion over two years.
It wasn’t entirely clear this morning how the cuts would impact Gov. Ed’s $29 billion budget for FY 2009-2010, which relies on $2.4 billion in federal aid to pay for programs. We understand that it could mean a losd of about $1 billion in federal help over two years, but we’re still trying to nail that down. If there’s someone on Appropriations staff who can shed light on that, we’d appreciate a heads-up.
The rest of today’s news, meanwhile, starts after the gap.
