Obama's stimulus plan leaves some experts in doubtPosted: Updated:
The economic stimulus agreement that was reached by Congress Wednesday has many investors and financial experts concerned whether the $789 billion plan will be sufficient to turn the economy around quickly enough.
?There are a lot of good elements, but they are not in until 2010-2011,? says News 12 Westchester financial analyst Bob Plunkett. ?That will not help the recession we have now.?
In last-minute negotiations on Capitol Hill, Democrats were forced to trim down the package and exclude a number of provisions, such as the tax credit for people looking to buy homes over the next year.
Under the stimulus, New York State will receive $11 billion to help cover Medicaid costs, $2 billion for school districts, and $2.5 billion for improving mass transit and financing sewage projects.
Taking part in celebrations of Abraham Lincoln?s 200th birthday Thursday, President Barack Obama expressed hope to heal the wounds of the congressional battle over his economic rescue plan.
"Even as we meet here today, at a moment when we are far less divided than in Lincoln's day, but when we are once again debating the critical issues of our time,? he said. ?Let us remember that we are doing so as servants to the same flag.?
The House and the Senate are expected to take final votes on the stimulus Friday. If all goes according to plan, President Obama will sign the bill by President?s Day next Monday.