Dude, Where'd That $70 Billion Go?

The newswires are ablaze with word that Congress has reached agreement on a "stimulus" package. While Democrats work making the tax rebates more progressive is certainly admirable, here's the key thing you need to know - the package includes no spending on programs like unemployment insurance or food stamps, the programs that both help those getting hit hardest, and that pump money into the economy the fastest. And why weren't those programs included? Because the money was being put into this [1]:

"Another element of the plan is a package of tax breaks for businesses that could cost as much as $70 billion, far more than had been expected, a senior House aide and a Democratic lobbyist said."

Yes, you read that right: As wages stagnate and the housing crisis hits families hard, Congress is putting $70 billion out of a $150 billion package to corporate tax breaks. More on this in my nationally syndicated newspaper column out tomorrow.