1/25/08 Log: $150 Billion Stimulus Package

I weighed in at 142.0 lbs flat this morning, so the fat is definitely burning off again, albeit slowly. I’m starting to notice the changes in my arms and midsection now, so I’m happy. PMS water retention is most likely at play right now, too, which means that I’ll very likely be sub-141 in a week.

Yesterday’s meals were right on target, and I got in 30 minutes of inline skating during lunch for my workout. Today I will have the house to myself when I get home, so I plan to do my TT 2k3 workout A there with bodyweight circuits for my intervals. During lunch I think I will take a shot at doing my annual birthday pushup challenge of 10 pushups per year of life, so I have 330 reps to do this year. Maybe when I turn 50 I’ll start REDUCING the number by 10 every year, hehe.

So it seems that the House has cobbled together a $150 billion economic stimulus package that they hope to get signed next month that will affect some 117 million families.

Washington Sets $150 Billion Plan To Jolt Economy

Senate Pressured To OK Stimulus Deal

From the first article in the Wall Street Journal:

One important provision temporarily raises the dollar limit on mortgages that can be bought or guaranteed by government-sponsored mortgage giants Fannie Mae and Freddie Mac. The current limit of $417,000 would rise above $600,000 and perhaps as high as $730,000 in the most expensive areas, congressional leaders said.

The centerpiece of the package is $100 billion in tax credits for an estimated 117 million families this spring. Most individuals who pay income taxes would get $600; working couples would receive $1,200. Workers who make at least $3,000 but don’t pay income taxes would get checks of $300 to $600. People in both groups would get $300 credits for each of their children.

Top Democrats said they intend to send a bill to President Bush by Feb. 15. If that happens, rebate checks or electronic transfers would probably arrive between May and July.

Businesses would be able to deduct an additional 50% of the cost of certain investments in 2008. In addition, small businesses would be able to write off more expenses from their taxes: $250,000, up from $125,000.

The checks would be gradually phased out for wealthier taxpayers. Couples with income of more than $174,000 would get nothing, unless they have children.

The Internal Revenue Service expects to be able to begin mailing out checks and making electronic transfers by May, said Mr. Paulson. He told reporters the “lion’s share” of payments would be completed within the following 10 weeks.

Until the plan is final, it is difficult for congressional budget experts to estimate the impact it will have on the federal deficit. But Senate Budget Committee Democrats said Wednesday that a $140 billion stimulus package would add about $100 billion to the deficit in fiscal year 2008, which began in October, bringing the total budget shortfall for the year to about $350 billion.

There you have it. Most of us will be eligible for the $600 per working adult rebate in May, assuming the president signs the bill, but our country as a whole is going to go another $100 billion in debt to pay for it.

What will you do with your $600, $1200, or more (if you have kids)? Do you plan to spend it and stimulate the economy, save it for a rainy day, or pay off existing loans and debts?

– TT for Fat Loss 2K3 Workout A (40 min)

A1) Chin-ups (3×6 @ Bodyweight)
A2) DB Chest Press (3×6 @ 40 lbs)
B1) DB Row (3×10 @ 37.5 lbs)
B2) DB Low-Incline Press (3×10 @ 37.5 lbs)
C1) Decline Push-ups (3×12)
C2) DB Incline Biceps Curl (3×12 @ 17.5)

– Bodyweight circuit intervals x 6 (20 min)

M1) 60g oats and raisins, 3 egg whites
M2) Homemade trail mix (1/2 oz. walnuts, 20 g raisins, 3 dried apricots, 1/4 c. Fiber One cereal)
M3) 4 oz. whiting filet, 1 c. veggie mix, 1/2 c. Kashi 7-grain pilaf
M4) 1 c. Go Lean Crunch, 1 scoop protein powder
M5) 1/2 c. 1% cottage cheese, 10g walnuts, 3 strawberries
M6) 4 oz. whiting filet, 1 c. sauteed spinach, 1/2 oz. walnuts

Supplements: multivitamin, calcium 600 mg + D, vitamin C, 5g l-glutamine, 3 fish oil caps, 3 Digest-All caps

2 thoughts on “1/25/08 Log: $150 Billion Stimulus Package

  1. Giving away taxpayers money to spend on foriegn goods will only postpone and bring about a worse economic recession to cleanse our finanical system. The best thing the government could do is stop meddling with the economy. Congress and the president are doing exactly the same things that brought on the great depression by prolonging the unhealthy over leveraged business cycle we are currently in .

  2. JOSH – Maybe this isn’t much better than spending it on foreign-made goods, but I suspect that a large chunk of the recipients will just be using the money to pay down a *small* portion of the debt they’ve accrued purchasing foreign-made goods on credit. Like you, I doubt that this measure will do much to stimulate the U.S. economy. It’s a pricey band-aid applied to a gaping wound.

    For my own part, I’ll be using my rebate to help pay off my husband’s student loan faster. I definitely will NOT be blowing it on more useless stuff, domestic or foreign.


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