President Obama will not insist to Congressional leaders that his
proposal for a new $13 billion economic aid bill will be paid
for, according to a senior White House official.
Earlier this afternoon, the White House announced a plan to give
57 million Americans already receiving Social Security or some
other government benefits a $250 "Economic Recovery Payment," and
insisted that Obama "is committed to ensuring that the $13
billion cost of the proposal does not reduce the solvency of
Social Security or other social insurance programs."
Asked on a conference call about how Obama intends to accomplish
this, a senior administration official said that the bill would
be financed out of "general revenues" and not necessarily offset
by either spending cuts or tax increases.
"We generally think proposals should be paid for, but in this
case, we're providing temporary essential help to people as an
extension to the Recovery Act," the official said. "We plan to
work with Congress to discuss financing, but the President is not
going to go into those discussions insisting that this be paid
for."
The announcement comes a day before the Social Security
Administration is set to announce its cost of living adjustment
to beneficiaries. Last year, beneficiaries received a 5.8 percent
boost because soaring energy costs pushed up consumer prices, but
given the sagging prices in the currently weak economy,
beneficiaries aren't going to receive any raise this year. The
proposed $250 payments would represent a 2 percent increase to
the typical beneficiary.
The official was quick to push back against the suggestion that
this proposal -- likely to be financed through deficit spending
-- represented a second stimulus package. Instead, the official
argued that it was merely extending a provision of the $787
billion stimulus bill that is scheduled to expire at the end of
the year.
In addition to the $250 subsidies, other elements of the stimulus
package likely to be extended include unemployment assistance and
subsidies to those receiving health insurance through COBRA.
wow like those people get a check every month for the rest of
their lives. Can I please get my extension. I am not guaranteed
my extension for the rest of my life so can I have it now? Like
Last week now> I must say Obama is acting like a Republican
right now. Its it real or what? Only if they could take care of
on thing at at time. Unemployment, Healthcare and that other
stuff
Kpoddi| 10.14.09 @ 11:57PM
How much does it cost the government to print, mail and
process/manage each of these checks? Is it more than $250 per
check?
Dean| 10.15.09 @ 8:10AM
Didn't the White House learn anything from the mortgage crisis?
When you buy things you can't afford now and have no way of
affording in the future really bad things eventually happen.
john| 10.15.09 @ 12:17PM
He hasn't mentioned that he will tax you on this "freebe" so that
means I'll get taxed so we can send the check, and then I'll get
taxed when I receive the check. Ain't Obamanomics grand.
Kish| 10.14.09 @ 9:24PM
wow like those people get a check every month for the rest of their lives. Can I please get my extension. I am not guaranteed my extension for the rest of my life so can I have it now? Like Last week now> I must say Obama is acting like a Republican right now. Its it real or what? Only if they could take care of on thing at at time. Unemployment, Healthcare and that other stuff
Kpoddi| 10.14.09 @ 11:57PM
How much does it cost the government to print, mail and process/manage each of these checks? Is it more than $250 per check?
Dean| 10.15.09 @ 8:10AM
Didn't the White House learn anything from the mortgage crisis? When you buy things you can't afford now and have no way of affording in the future really bad things eventually happen.
john| 10.15.09 @ 12:17PM
He hasn't mentioned that he will tax you on this "freebe" so that means I'll get taxed so we can send the check, and then I'll get taxed when I receive the check. Ain't Obamanomics grand.