Current Events: Deal or no Deal?

POINT: Senate Set to Vote Next Week on Stimulus After Accord on Cuts

Feb. 7 (Bloomberg) -- The U.S. Senate is slated to vote early next week on an economic stimulus package totaling at least $780 billion that President Barack Obama said is needed to prevent the economy from sinking into a deeper recession.

Senate Majority Leader Harry Reid, a Nevada Democrat, scheduled a key procedural vote for 5:30 p.m. Washington time on Feb. 9 after a dispute over the measure’s size was resolved yesterday. If the procedural hurdle is cleared, Reid said a vote on the bill would take place on Feb. 10.

If it passes, lawmakers will attempt to reconcile the Senate bill with an $819 billion stimulus bill the House approved last month. Democratic congressional leaders are pushing to deliver a final bill to Obama by the end of next week.
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President Obama's economic recovery package will actually hurt the economy more in the long run than if he were to do nothing, the nonpartisan Congressional Budget Office said Wednesday.

COUNTER POINT: Congressional Budget Office Says stimulus will harm in long run

CBO, the official scorekeepers for legislation, said the House and Senate bills will help in the short term but result in so much government debt that within a few years they would crowd out private investment, actually leading to a lower Gross Domestic Product over the next 10 years than if the government had done nothing.
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