Where the gold price wanna a to go??
Posted June 22, 2009on:
Senator Judd Gregg, a New Hampshire Republican, led the effort to drop a provision providing as much as $4,500 to people who trade in their vehicles for more fuel-efficient models. He said the plan, which would cost $1 billion, was a poor use of tax dollars when the government is projected to run its biggest budget deficit since 1945.
“It is a clunker,” Gregg said of the plan. “Why should our children and our grandchildren have to pay the bill” for the government subsidizing “somebody to buy their car today? How fiscally irresponsible is that?” he said.
Senator Debbie Stabenow, a Michigan Democrat, said the proposal was needed to help auto dealers hit by an “economic tsunami.” She said the plan would “help those who have been having an extremely difficult time just holding their head above water.”
The legislation provides more than $82 billion to fund military operations in Iraq and Afghanistan, which would bring total spending on the wars to more than $900 billion.
Lawmakers agreed to Obama’s request to include $5 billion to secure $108 billion in aid, primarily in the form of a line of credit, to the International Monetary Fund. The legislation would permit U.S. representatives to the IMF to agree to its planned sale of 13 million ounces of gold, one-eighth of the organization’s holdings, to help finance aid to poor countries.
The bill also would provide $7.7 billion for pandemic flu programs.