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Fallout: The Financial Crisis

Senate debates tax cuts in stimulus

Nancy Marshall-Genzer Feb 2, 2009
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Fallout: The Financial Crisis

Senate debates tax cuts in stimulus

Nancy Marshall-Genzer Feb 2, 2009
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TEXT OF STORY

Renita Jablonski: The Senate starts debate this morning on the massive package to save the economy, and it looks like there’s going to be a lot of emphasis on those two words. The total cost of the Senate version heading into the discussion today is $890 billion. Nancy Marshall Genzer has more from Washington.


Nancy Marshall Genzer: Senate Minority Leader Mitch McConnell says he doubts the economic stimulus package can pass the Senate as is. Senate Republicans want to shift the emphasis of the stimulus package away from spending to tax cuts.

They want to give corporations a tax break on money they earned in other countries. They also want to provide more ways for money-losing companies to get tax refunds. The Senate Republicans’ plan also includes a temporary patch to the Alternative Minimum Tax, sparing millions of taxpayers from paying higher taxes.

President Obama is calling on the Senate to move quickly to pass his stimulus package. He says once that happens, the administration will unveil a new strategy to revive the financial sector. Obama says Treasury will also have something to say about CEO bonuses.

In Washington, I’m Nancy Marshall Genzer for Marketplace.

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