February 16, 2009

Crisis Averted? Congress Agrees on Stimulus

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Congress passed President Obama’s $787 billion economic stimulus package this past Friday. President Obama’s tendentious support for the bill, which he insists is necessary for a nation at the worst economic junction since the Great Depression, was not shared by Republicans. No Republicans supported the legislation in the House of Representatives, while only three affirmed the bill in the Senate. Despite the partisan nature of the passage, Obama expressed great excitement and optimism for the direction the nation is headed, noting the bill’s ground shaking implications for the economy.
The bill expects to save about 3.5 million jobs, with a vast majority of the funding going towards spending programs. The Republicans argued to increase the $212 billion in tax breaks for which the bill provides but were unsuccessful.
The financial crisis is not just a domestic matter. With world markets being affected, numerous other countries have passed stimulus packages in the past year.
The bill provides an estimated $32 billion to higher education, including increased funding for scholarships and federal grants. The Sun examines the stimulus package in its relation to higher education, as well as in relation to stimulus packages of other countries.
[img_assist|nid=35161|title=Distribution of Estimated 32 Billion Dollars Spent on Higher Education|desc=|link=node|align=left|width=|height=0]
[img_assist|nid=35163|title=A Global Comparison of National Stimulus Plans|desc=|link=node|align=left|width=|height=0]