Tags: Lawmakers | Consider | Huge | Stimulus | Package

Lawmakers Consider Huge Stimulus Package

Wednesday, 26 September 2001 12:00 AM

"We have to think a little more deeply here," said Senate Finance Committee Chairman Max Baucus, D-Mont. He said there was a general agreement among Democrats and Republicans on the committee that any possible aid package should be temporary.

"I think it has to be temporary, but significant enough to make a difference," said Sen. Charles Grassley, ranking Republican on the Finance Committee.

"So you take the tax cut that goes into effect next year, plus the $40 billion the Congress has recently appropriated, plus the additional spending, plus the airline spending, and a rough calculation is about a 2 percent real increase in stimulus, fiscal stimulus," said Grassley.

Congress approved an emergency spending package of $40 billion immediately after the Sept. 11 attacks on New York and Washington, and $15 billion in aid for the U.S. airline industry.

"Because people have forgotten it, or don't know about it, there may be a psychological need 'to do more,'" Grassley said.

Baucus said Greenspan and Rubin agreed that more time is needed to calculate the impact of the terror attacks on the U.S. economy. The Montana Democrat added that no decisions were made whether to even proceed with a stimulus plan.

"There's a lot of indecision, and I think legitimately so. And, if you look at people like Bob Rubin and Chairman Greenspan, people who have had positions where they to bite the bullet every day, both in government and outside of government, and if they have some indecision, it ought to give Congress a deliberative process of looking through everything."

Greenspan and Rubin agreed that any stimulus package Congress passes should be large enough to have the intended effect -- 1 percent of gross domestic product, or about $100 billion.

Copyright 2001 by United Press International. All rights reserved.

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We have to think a little more deeply here, said Senate Finance Committee Chairman Max Baucus, D-Mont. He said there was a general agreement among Democrats and Republicans on the committee that any possible aid package should be temporary. I think it has to be...
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2001-00-26
Wednesday, 26 September 2001 12:00 AM
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