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Robert Kuttner on the dueling versions of the economic stimulus package:
Senate Democrats and Republicans are currently debating whether to pass a stimulus bill that spends $158 billion (the Senate Democratic package)—or the $145 billion passed by the House. Senate Majority leader Harry Reid is currently one vote short of the 60 senators that he needs. The battle is certainly worth waging, because it compels Senate Republicans to either vote for a slightly better bill written by Democrats, or to oppose added support for the elderly, veterans, food-stamp aid, energy assistance, and extended benefits for the unemployed.But the sums in both bills are far too paltry, given the severe downturn that the nation's economy faces. In December, House Democrats began negotiations with the Bush White House proposing an even smaller number—about $90 billion—than the Administration wanted. After the administration indicated a desire for fast action, House Speaker Nancy Pelosi and the rest of the leadership rushed to compromise with Bush, trading away additional aid for food stamps and increased unemployment compensation in exchange for a cap in the package on tax relief for the wealthy.Read the rest (and comment) here.--The Editors