- The Washington Times - Wednesday, January 28, 2009

House Republicans on Wednesday argued that their alternative stimulus program, heavy on tax cuts, would create nearly 3 million more new jobs than the $816 billion economic recovery plan being pushed by the Obama administration and congressional Democrats — using the same methodology favored by President Obama’s top economic advisers.

The substitute bill, sponsored by House Minority Whip Eric Cantor of Virginia and Rep. Dave Camp of Michigan, ranking Republican on the House Ways and Means Committee, would create 6.2 million jobs through 2010, according to its Republican backers, compared with just 3.2 million jobs claimed under the House Democratic bill to be voted on Wednesday evening.

Democrats rejected the analysis, saying the plan’s reliance on tax cuts amounted to the same old song we always hear from Republicans, according to Rep. Richard E. Neal, Massachusetts Democrat.

But the analysis by the Ways and Means Republican staff relied on a formula used by Christina Romer, chair of Mr. Obama’s Council of Economic Advisers, to estimate that Republican-backed tax cuts of nearly $400 billion over the next few years would produce at least a 6.1 percent increase in GDP.

Using a jobs formula endorsed by Mrs. Romer and Jared Bernstein, now Vice President Joseph R. Biden Jr.’s top economic aide, that GDP boost translates into 6.2 million jobs over two years.

For half the cost, we can have twice the impact, said Rep. Peter Roskam, Illinois Republican.

The amendment was given virtually no chance of passage as Democrats expected to pass their version of the stimulus bill Wednesday evening. The Senate is expected to vote on its version of the stimulus program next week, and lawmakers want to have a bill to the president by mid-February.

Copyright © 2018 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More

Click to Hide