President's stimulus plan: what it means to you - WSFA.com Montgomery Alabama news.

President's stimulus plan: what it means to you

You've heard a lot about it, it's becoming a household phrase - "President Obama's stimulus plan."  Despite the objections of powerful U.S. Senator Richard Shelby and other republicans it passed and the president will sign it tomorrow.  It's so massive, every man, woman and child in this country will be affected.  WSFA 12 News capital insider Eileen Jones investigates what it means to you.

Now that it's too late for Senator Shelby or anybody else to change the stimulus package, that hasn't stopped him from expressing his views.  "Folks we're headed down a road of financial and economic destruction," says Senator Shelby.

Let's look at what the package offers: Under the heading of taxes, and according to the Associated Press, millions of workers can expect to see about $13 a week more in their pay checks starting around June.  There are also tax credits for first time home buyers and folks who buy new cars.  On infrastructure, billions are available to complete and improve roads and bridges in the states.  That's one of about 15% of the package that Shelby likes.  "As far as infrastructure, shovel ready projects for the state, that would be long term.  That would be good, but it doesn't change the economy," says Shelby.

There are also billions available to help homeowners save energy.  There are efforts to make health insurance more affordable and unemployment compensation last longer.  More money will also be available to schools and medicaid in eact state, which Shelby is against.  "My state, California, anywhere like that, it out to be up to the legislature to balance the budget and it shouldn't be up to the Congress of the United States to balance the budget in Alabama," says Senator Shelby.

Shelby says he's worried about the national debt which he says will be up to 11 trillion dollars with the stimulus packages and experts say even more borrowing is needed.  Senator Shelby thinks the way to improve the economy is to bailout the major banks so they can lend more money, and then hold each bank more accountable.

 

 

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