Stimulus Plan

January 25, 2009 12:00:00 AM PST
Wall Street will be watching earnings reports closely this week as it searches for clues on when the economy might turn around.Some of the big ones coming down the pike are from yahoo, Sun Microsystems, Procter & Gamble, and Starbucks.

Investors also have their eyes on the stimulus plan from President Barack Obama. He's trying to get a bi-partisan push behind it, but even in the minority, republicans are fighting.

Even as President Barack Obama spends day after day meeting with his top economic advisors or congressional leaders- a battle is brewing on Capitol Hill over the $825 billion dollar economic stimulus bill despite house speaker Nancy Pelosi's insistence that the package is a bi-partisan plan, no Republican voted for the bill in two key committees.

Senator John McCain, Obama's former rival for the presidency, said Democrats have largely ignored Republican suggestions in its current form, two thirds of the 825 billion dollars would go to government spending- and one third to tax cuts, GOP leaders have pressed for more tax cuts and McCain insisted he would vote against the bill as it stands now.

Critics also said the plan doesn't spend money fast enough to create job, but the Obama administration disputes that promising that 75 percent of the cash will be doled out within the first 18 months

House democratic leaders said the stimulus package needs to come to the floor this week President Obama will hold meetings on the hill on Tuesday, he's said he hopes to have a bill ready to sign by President's Day Weekend

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