The federal stimulus package would raise the government’s commitment to solving the economic crisis to an astronomical $9.7 trillion — enough to pay off more than 90 percent of the nation’s home mortgages.
The commitment is composed of about $1 billion in stimulus packages, about $3 trillion in lending and spending, and $5.7 trillion in agreements to provide aid, the New York Post reported.
The House has approved an $819 billion stimulus plan, which needs to be reconciled with the Senate’s package of at least $780 billion.
The total value of home mortgages in the United States is calculated at $10.5 trillion by the Federal Reserve.
Sen. Byron Dorgan, a North Dakota Democrat, said on the Senate floor last week: “We’ve seen money go out the back door of this government unlike any time in the history of our country.”
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