Multiple news outlets are now reporting that a deal has been struck on a final version of a $790 billion stimulus package, after a "whirlwind" tour through conference committee. As reported elsewhere, Congressional Democrats have been alerted to be ready for emergency caucus meetings to review the details and prepare for a rapid review of the package in order to potentially expedite it into law.
While information is still sketchy, and we have much more to learn both about what made its way into the final version and how Congressional leaders on both sides will react to it (namely, did this thing get done in a way that doesn't piss off the three GOP senators ready to make it law), what I am seeing is frankly...impressing the HELL out of me.
We KNOW that nothing this massive and politically charged EVER getss done to the satisfaction of all, or even most of us. Certainly, the road to get here, and the absolutely absurd views of those in opposition who pulled out inept arguments to create chaos, still have me furious. And yes, I am greatly concerned about the overall scale of the bill relative to the problem we have to solve, and am still responsive to the well reasoned arguments from Krugman, Schiff, Stiglitz et al who are imploring us to do much much more. But if you take it as a given that we were never oging to get the whole solution in ONE package, and that the solutions are going to have to come in bundles and not a single shot, there is a lot to be pleased with here:
With a nod to CNN, HuffPo, TPM and other sources:
- around a 65/35% spending to tax cuts ratio (remember <60% spending just days ago?)</p>
- reinstatement of COBRA extensions
- reinstatement of a portion of the previously cut $22 billion in school construction spending - perhaps up to $10 billion immediately (I know, it still hurts, but it's better than where I feared this was heading $0)
- a seemingly fair compromise on the working families credit amounts ($400/$800)
- an increase to $44 billion (some are saying $48 billion) of state government aid spending, including a very proactive and reviewable management process for allocating funds
- elimination of the ludicrous $15000 tax credit for home purchases ("flippers' delight)
- food stamps restored to House levels
- NIH grants maintained
- head start program funding left on the table for another day - if you are oging to give, this is an area I always thought should be better positioned in a separate education funding bill
And much, much more...
This bill is not perfect, and I think we already have enough signals from the President and others that this is not the last effort needed by far. But in an imperfect and maddening process, it is quite clear that House Dems dug in a bit, and the process made needed and positive changes in record time, to the point where it is awfully hard to feel anything but proud of this Administration and the leadership and mettle shown by President Obama in ensuring that an effort to win "everything" didn't result in absolutely nothing getting done.
This has been handled remarkably well. This was an electric political arena created, and we've seen this process derail under ridiculous partisan warfare so many times. While he, and we, have much more to do, it is hard not to chalk this one up as a true win for the American people today, 61 votes or however many end up in favor of it.
For the first time in what seems to be forever, I read through the deal and was impressed. Not frustrated, flabbergasted, irate, embarrassed - you pick your Bush emotion here. Hope turly is a wonderful thing.