The WSJ reports on the passage of President Obama's stimulus package.
The House passed an $819 billion tax-and-spending bill Wednesday, in a recession-fighting effort that would extend the reach of the federal government across the U.S. economy by reshaping policy on energy, education, health care and social programs.
The House bill is one of the largest single stimulus packages in history, almost equal to the entire cost of annual federal spending under Congress's discretion. A parallel Senate measure, which is expected to come to a vote next week, is now valued at nearly $900 billion.
Either bill, if enacted, would push the federal debt toward levels not seen since the second World War.
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Today I Learned
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"Beginning in the last decade of the 18th century, firewood output
increased from about 18% of GDP to just under 30% of GDP in the 1830s."
Source.
2 days ago
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