supply entrepreneurs with $13 billion in new lending and investment as well as $30 billion in targeted tax relief.
Despite the Republicans’ rhetoric, their rejection of the act was considered their way of making a point that they would not be shut out the legislative process from a Rep. Nancy Pelosi-led Congress. Moreover, if the stimulus package fails to show signs of turning the economy around over the next 18 months, Republicans can use it as an issue during the midterm elections in 2010.
But the House vote was one step in a lengthy process. Obama said in a statement: “The plan now moves to the Senate, and I hope that we can continue to strengthen this plan before it gets to my desk. But what we can’t do is drag our feet or allow the same partisan differences to get in our way. We must move swiftly and boldly to put Americans back to work and that is exactly what this plan begins to do.â€