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.

 

 

  • NewsMore>>

  • Survivors recount deadly Missouri duck boat sinking

    Survivors recount deadly Missouri duck boat sinking

    Saturday, July 21 2018 12:18 AM EDT2018-07-21 04:18:54 GMT
    Saturday, July 21 2018 3:12 PM EDT2018-07-21 19:12:26 GMT
    (AP Photo/Charlie Riedel). People pray outside Ride the Ducks, an amphibious tour operator involved in a boating accident on Table Rock Lake, Friday, July 20, 2018 in Branson, Mo.(AP Photo/Charlie Riedel). People pray outside Ride the Ducks, an amphibious tour operator involved in a boating accident on Table Rock Lake, Friday, July 20, 2018 in Branson, Mo.

    More than half of the 17 people killed when a tourist boat sank on a Branson lake were members of the same Indiana family, and they likely wouldn't have been on the ill-fated trip but for a ticket mix-up.

    More >>

    More than half of the 17 people killed when a tourist boat sank on a Branson lake were members of the same Indiana family, and they likely wouldn't have been on the ill-fated trip but for a ticket mix-up.

    More >>
  • Trump finds it 'inconceivable' lawyer would tape a client

    Trump finds it 'inconceivable' lawyer would tape a client

    Saturday, July 21 2018 9:26 AM EDT2018-07-21 13:26:09 GMT
    Saturday, July 21 2018 3:11 PM EDT2018-07-21 19:11:51 GMT
    (AP Photo/Seth Wenig, File). FILE - In this April 26, 2018 file photo, Michael Cohen leaves federal court in New York.  President Donald Trump's former personal lawyer secretly recorded Trump discussing payments to a former Playboy model who said she h...(AP Photo/Seth Wenig, File). FILE - In this April 26, 2018 file photo, Michael Cohen leaves federal court in New York. President Donald Trump's former personal lawyer secretly recorded Trump discussing payments to a former Playboy model who said she h...

    President Donald Trump claims that his former personal lawyer's taping of their private phone conversations is "totally unheard of & perhaps illegal.".

    More >>

    President Donald Trump claims that his former personal lawyer's taping of their private phone conversations is "totally unheard of & perhaps illegal.".

    More >>
  • First Alert: More storms possible this evening

    First Alert: More storms possible this evening

    Saturday, July 21 2018 3:08 PM EDT2018-07-21 19:08:50 GMT
    (Source: WSFA 12 News)(Source: WSFA 12 News)

    A Heat Advisory is in effect for much of our central Alabama counties today.

    More >>

    A Heat Advisory is in effect for much of our central Alabama counties today.

    More >>
Powered by Frankly