Pelosi: Tax Rebate Unlikely Before Bush Leaves

[Purveyor]

Source: Associated Press

(10-17) 15:42 PDT WASHINGTON, (AP) --

House Speaker Nancy Pelosi said Friday that Congress is unlikely to approve a tax rebate before President Bush leaves office, and she signaled that prospects are dim for a postelection session to pass an economic aid package.

In an interview with The Associated Press, Pelosi played down the chances that Democrats — increasingly confident of capturing the White House and building their House and Senate majorities substantially — could come to terms with Bush and vanquished congressional Republicans this fall on a plan to address Americans' pocketbook woes.

Democrats have already called for a $61 billion package of jobless aid and spending, and are looking at adding to it as the financial meltdown exacerbates the economic crisis.

"What we're doing is preparing," Pelosi, D-Calif., said in an interview in her Capitol office. "We'll come in if we have a purpose... if there's something to pass that (Bush would) sign."

Pelosi spoke in exuberant terms of capitalizing on a political "tide" gathering in favor of Democrats to beef up her majority. If a wave materializes to sweep out Republicans en masse, Democrats might not see a point in attempting to negotiate with Bush on an economic recovery measure when they have the chance, 11 weeks later, to do so with Barack Obama in the White House.

"If (Bush) won't sign it, then let's get on a path" to enacting a recovery bill, Pelosi said, "instead of beating our head against a wall just to make a point that he won't sign it. But we can get something signed — please, God — when Barack Obama wins the election."

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/10/17/national/w145426D51.DTL

[last1standing]

1. Please, no more "tax rebates".

It doesn't help the economy when we keep getting these tax "rebates" that we just have to spend on goods made in China or oil from Saudi Arabia. We just end up having to pay it back at tax time, anyway. Instead, why don't we try something outrageous and actually create a plan that helps stabilize the markets (Wall and Main) by giving targeted tax cuts to businesses that hire American workers and invest in American made equipment? That's what Bill Clinton did in 1993 and I remember that working pretty good at the time.

Oh! We could also use some more Enterprise Zones and other tax relief for small businesses in depressed areas of the country - like Detroit.

[4lbs]

2. Instead of "rebates", use the $61 billion as an introductory part of health care for those that need

it most.

[midnight]

3. Will it be like the one they gave the banks..... 70 billion for

wall street salaries?

[AllyCat]

4. Well, we can give $700B to Wall Street, but not another piddly

$600 to the little people, right Nancy?

Seriously, that tax "rebate" should never have happened. If they're going to bail someone out, lets really bail out the American people and then Wall Street can fix its own damn mess.