Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: starhawke who wrote (133949)	11/11/2001 7:18:25 PM
From: RocketMan	Respond to of 436258

Must be why the nation's #1 high-speed cable Internet service is in Chapter 11 and selling for 14 cents a share. At least their price is slightly higher than their chapter for now -g- By Donna Smith WASHINGTON (Reuters) - The Senate Finance Committee on Thursday approved a $66.4 billion Democratic economic recovery plan over the strong opposition of Republicans who called it a "collage of political giveaways." The measure, approved by a 11-10 party-line vote, will go to the full Senate where lawmakers say they expect changes in order to win the 60 votes needed to pass the package. Lawmakers hope the plan will help the economy recover from the Sept. 11 hijack plane attacks in New York and Washington. Committee Chairman Max Baucus, a Montana Democrat, defended the package, saying it was an "effective stimulus for economic recovery" but at the same time provided much needed assistance to workers who lost their jobs. Many economists believe the already slow U.S. economy slipped into recession after the Sept. 11 attacks. Unemployment rose from historic lows to its highest level in nearly five years amid rising job losses at airlines and other travel- and tourism-related industries. Baucus acknowledged that changes would be needed to pass the bill, telling committee members, "There are many steps between now and passage on the floor." In order to solidify Democratic support for the package, Baucus added some measures including a tax credit for Amtrak rail service bonds and help for a Hudson River Tunnel project, provisions sought by committee member Sen. Robert Torricelli, a New Jersey Democrat. Another addition was a broadband tax credit to help bring high speed Internet to rural areas. The panel also adopted an amendment offered by Torricelli that would provide tax relief to the families of victims of the attacks. The House of Representatives has passed a similar measure. REPUBLICANS SHARPEN ATTACK Republicans sharpened their attack against the package, saying it contained too much spending and not enough tax cuts, which they said would do more to help spur the economy. They said it was riddled with too many "special interest" provisions. "I think this bill is pitiful. I think it is insulting," said Sen. Phil Gramm, a Texas Republican. "This is a collage of political giveaways and doesn't have enough for stimulus and we would be much much better off not to pass any bill than to pass this bill." But Senate Majority Leader Tom Daschle shot back that many of the provisions under attack were part of a package of business tax breaks due to expire soon that Gramm and other Republicans had supported in the past. The bill would extend those tax breaks another year. Daschle earlier defended the Democratic plan and provisions that would expand unemployment benefits and subsidize health insurance costs for laid-off workers. "What could be more stimulative than to give money to unemployed workers in this country who have no way to participate in the economy without some help? I think that is probably the most stimulative thing we have in our whole package, frankly," the South Dakota Democrat told reporters. The plan also would give low-wage workers who did not benefit from earlier income tax rebates cash payments of $300 for individuals, $500 for single heads of households and $600 per couple. The White House has backed that idea. A rival Republican plan would provide more generous business tax breaks and help laid-off workers through federal grants to states which could use the money to expand benefits and help with health insurance costs. Daschle said the full Senate would begin debate on the measure next week. He said he hoped it would pass quickly and the Senate and House could work out their differences and send the bill to the president in the next few weeks. The Republican-controlled House has approved a $100 billion stimulus plan based mostly on business tax cuts that Democrats have said would give a tax windfall to some of the nation's largest corporations.