Senate Stimulus 'Too Complex' for Treasury

Paulson prefers House's 'simple' $146 billion plan

By Matt Cantor, Newser Staff

Posted Jan 31, 2008 3:28 PM CST

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Senate Stimulus 'Too Complex' for Treasury — Treasury Secretary Henry Paulson, left, listens to President Bush tell reporters in the White House briefing room at the White House in Washington, Thursday, Jan. 24, 2008, that he and leaders of the Democratic-led Congress have agreed to work together on an economic stimulus package to boost the sagging... (Associated Press)

The $157 billion stimulus bill passed by the Senate Finance Committee is "too complex," Treasury Secretary Henry Paulson said today. "Complexity is our enemy," Paulson said of the bill, which is "in danger of looking like a Christmas tree" once it goes to the full Senate. He said he prefers the House's version, which is "simple, broad-based and bipartisan," Reuters reports.

The Senate bill offers $500 tax rebates to individuals and $1,000 to couples, covering 20 million seniors the House version doesn’t. It extends unemployment benefits beyond the usual 26 weeks and proposes rebates for higher-income recipients, a move some economists say is unlikely to help: Wealthier people, they say, hang onto money poorer people would pump into the economy. (More economic stimulus package stories.)

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