February 20, 2009: Legislative Report #23
Federal Stimulus Package
Are you aware the stimulus bill, H.R.1, actually is a *10-year program (2009 to 2019) and funded 100% on borrowed funds from Treasury bond sales. **H.R.1 has hundreds of titles with thousands of subtitles. Minnesota slated to receive about $4,700,000,000.00 from this package. Over two billion is for Medicaid costs, one billion for education and so on go the stimulus checks. Our campaign staff researched the stimulus package for productive brick and mortar economic stimulus. We concluded the essential purpose of the federal stimulus money is continuing to funding public employee’s jobs and citizens receiving government assistance through the economic downturn.
Below is just one line from H.R.1 dealing with a specific bond type, can you understand the language. There are thousands of pages with definitions just like the one below. Our elected federal leaders received the text at midnight and voted in less than 15 hours to pass H.R.1.
H.R. 1
SEC. 1531. BUILD AMERICA BONDS
Subpart J
SEC. 54AA
G- Special rule
2-Qualified bond
A
(ii) The amounts in a reasonably required reserve (within the meaning of section 150(a)(3)) with respect to such issue.