This despite the fact the monies would be taken from a program which eliminates a loophole which allows for U.S. multinational firms to receive foreign tax credits. Some Congressional members called this a 'bailout for special interests'.
Tom Humphrey writes:
"Under a $26 billion "state aid" package given final approval by the U.S. House on Tuesday, Tennessee's share of K-through-12 assistance funding is shown as $195.8 million.
A second part of the package provide money to states based on Medicaid spending. Tennessee's share of that portion is pegged at $240 million and the state budget for the current fiscal year, as enacted, included a "contingent" plan for spending that money. In fact the final figure is less than the $341 million in "contingent" spending envisioned in the Tennessee budget as possible in new federal aid.
The education aid portion was added - and the Medicaid-based portion reduced - after earlier attempts at passage in Congress failed. The final version was opposed by both of Tennessee's Republican U.S. senators and all Republican members of the House who voted. Rep. Jim Cooper, D-Nashville, joined the Republicans in voting no.
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"If $240 million is received, it would apparently cover $100 million for new and improved buildings at community colleges and state technical schools, $9.6 million toward preparation of a West Tennessee industrial megasite, $10 million for "critical access" hospitals, $10 million for a "jobs opportunity fund" and $90 million for a new Highway Patrol radio communications system.
Steve Benen writes:
"In a statement, DNC Chairman Tim Kaine raises a noteworthy point: "There could not be a better example of the differences in priorities between Republicans and Democrats than this legislation. While Democrats are working to help preserve the jobs of hundreds of thousands of teachers, firefighters, police officers and others, Republicans continue to obstruct legislation while supporting tax cuts that would only benefit Wall Street CEOs and other wealthy Americans. Even after Democrats made every effort to reach out to GOP lawmakers, Republicans fought tooth-and-nail against this critical legislation -- refusing to help those who continue to struggle because of the failed Republican economic policies of the past. This stark difference in priorities could not be more clear to the American people, who now have yet another reminder of which party is on their side."
WVLT has more, including some spread sheets on the program.
UPDATE: My Congressman, Phil Roe, defends his No vote, saying more jobs for teachers and police is an example of wasting money.
This is the real nugget in Roe's BS.
ReplyDelete"The Majority instead chose to raise taxes on American companies that also have international operations. What they called “tax loopholes” are actually real-world tax increases "
Correct me if I am wrong, but I believe this "tax increase" makes corporations pay the same taxes on offshore earnings as domestic earnings, thus hopefully, not encouraging companies to offshore jobs for the tax benefits.
Roe continues to bet on the stupidity of his supporters.
Of course he bets on their stupidity, it's their only virtue.
ReplyDelete"Rep. Jim Cooper, D-Nashville, joined the Republicans in voting no."
If I had a dime for every time a "Democrat" assailed me for pointing out just what an unbelievable asshole Poopers Cooper is, I'd be buying my own way into congress instead of supporting Mike Clark.
Roe has to go.