The US Congress approves the plan of 787,000 million dollars to resuscitate economy

Obama has praised Congress for approving the plan that he has described as “achievement and tangible”

Obama has praised Congress for approving the plan that he has described as "achievement and tangible"

The Senate approved the measure with 60 votes in favor and 38 against, after a vote that lasted more than five hours

Washington. (EFE). – The Congress of the United States today approved a plan of stimulus of 787,000 million dollars, after four weeks of partisan struggles on how to breathe life into the economy, in what supposes the greater intervention of the Government since the Second World War .
The measure, one of the highest priorities of the White House, will be sent to the president, Barack Obama, for its promulgation, possibly next Monday.
The Senate approved the measure with 60 votes in favor and 38 against, after a vote that extended more than five hours to give time to Democratic Senator Sherrod Brown to return to Washington to cast his vote and then return to Ohio to the wake and funeral of his mother.
Hours before, the House of Representatives approved it with 246 votes in favor and 183 votes against, including seven from Democrats. No Republican voted in favor.
A total of 55 Democrats voted in favor of the plan, plus two independents. They needed a minimum of 60 votes to prevent any delaying maneuver by the opposition.
Thus, the decisive vote was made by Brown. Of the 41 Republicans in the Upper House, only 3 voted in favor. The 1,071-page “American Recovery and Reinvestment Act” provides for the creation of 3.5 million jobs, a strong infusion of funds for infrastructure, social programs and state governments, and tax cuts for individuals and businesses.
During the debate, Senator Charles Schumer and other Democrats insisted that the plan is the necessary dose before a crisis that has put the economy in intensive care: 3.6 million jobs have been lost since the recession began in December. 2007
Foreclosures, the freezing of credits and a drop in consumption augur more problems for the economy.
But Republican Senator John McCain and most of his coreligionists retorted that the plan contains “excessive” public spending, mortgaging future generations and does not create jobs in the short term.
Speaking from the same script, they insisted that, including interest, the cost of the plan will amount to 1.1 trillion dollars, and will increase the deficit and the national debt.
They also complained that they were excluded from the bicameral session to prepare the final text of the plan.
House Speaker Nancy Pelosi said that, three weeks after Obama’s inauguration, “Congress is acting quickly and boldly to fulfill its promise of new jobs, new hope, and a new direction for the American people. ”
Among other things, the plan extends the period of subsidies for the unemployed from 26 to 46 weeks, although it increases it to 59 in states with high unemployment rates.
It also foresees tax cuts of $ 400 for individuals and up to $ 800 for couples until 2010, based on their salaries.
Authorizes funds for state governments, most of which face budget deficits. California, with a deficit of about 41,000 million dollars, will receive 26,000 million, and much of these funds will go to education and medical services programs in the next 18 months.
Those who buy a house for the first time this year may receive a tax credit of $ 8,000, 500 more than the current law says, and college students will have a credit of up to $ 2,500 for their tuition and other educational expenses such as the purchase of books and computers.
The measure has left a bad taste in the mouth for most Republicans who call it ineffective. “(The plan) is a huge lie, it’s a scam, because it’s not going to create the jobs that they promise and it’s going to aggravate the economy because most of the funds are not going to have an immediate effect. what we want is for them to do something responsible, “said Republican Representative Mario Díaz Balart of Florida.
His colleague Dave Camp said that the Republican alternative “would have created twice as many jobs at half the current cost,” and that this measure is “failed legislation that reflects the priorities of some Democrats instead of those of the entire country.”
Faced with political pressures inside and outside the United States, the plan diluted the “Buy American” clause, which, except in some cases, requires the use of iron, steel and US manufactured products in infrastructure works financed by the plan.
According to the text, this will be applied “in a manner consistent with the obligations of the United States under international agreements,” so that foreign products may be used.
Most experts predict that the package of measures will take effect and, although it will not stop the job drain immediately, it will begin to spur economic growth by the end of 2009.
Obama describes the approval of the plan as “real and tangible” achievement
US President Barack Obama today wanted to praise Congress for having approved the economic stimulus plan, a step he called a “real and tangible achievement” for the American people.
In his traditional Saturday radio message, Obama said that “this is a historic date on our road to recovery.” “After an energetic debate full of fruitful disagreements, we have produced a real and tangible achievement in favor of the American people,” the president said.
Obama promised to promulgate “soon” this law and begin to immediately make the necessary investments for Americans to return to work.
Obama also addressed skeptics of the plan, stating that he is aware that “there are those who fear that we will not be able to effectively implement a plan of these dimensions and scope.” Therefore, he said, the goal of his Government is to spend the money of the new plan with an “unprecedented” level of transparency.
Amid the joy of the approval of the plan, Obama also warned that “this historic step will not be the last we have to give to overcome the crisis, but rather the first.”
Despite the approval of the plan, Obama warned that the recovery “will take time and effort,” but, he said, “working together, we will transform this crisis into opportunities and, when we get out of this painful present, we will find a better future.”

The banking system participates in financing 2,133 million to the Generalitat


Spanish bank




The regional secretary of Finance, Clara Ferrando, has indicated that the main Spanish banks and all entities of the Valencian financial system participate in the public tender for the financing of 2.133 million for the Generalitat and the Valencian Institute of Finance in the next two years.

Ferrando has made these statements on the occasion of the public opening of the economic offers that have been presented to the mixed contract of credit operations and financial services of the Generalitat.

The services include, on the one hand, the granting of lines of credit and, on the other hand, the banking services of accounts, collection, collections, and payments, among others, all of which are necessary for the normal functioning of the Treasury of the Generalitat and the Valencian public sector.

In addition, the tender includes the financing of more than 2,253.3 million short-term debt, of which 2,133.3 million correspond to the Generalitat and 120 to the Valencian Institute of Finance (IVF).

The Generalitat total includes 785.3 million credit policies, 1,175.5 million confirming lines and 172.5 million in installment loansĀ

The term of this contract, which will start from the date of termination of the current contract, on February 27, 2017, will be two years, extendable by two others.

All the financial entities that have been working with the Generalitat (CaixaBank, Sabadell, BBVA, Bankia, Santander, Cajamar, Ibercaja, Caixa Ontinyent, Caja de Ingenieros and the Cooperative Bank) have attended the tender, as well as the next contract has joined Abanca.





For Clara Ferrando “the interest of the bank to work with the Generalitat shows that we are doing things right, there are communities that have difficulties in awarding the tender of their financial services, as we had in previous legislatures, but now the Valencian Administration pays to its suppliers, it is cleaning up its public sector and management moves away the fear of “default”.

The financial services that the banking entities will provide are, among others, the opening of operating accounts, the contracting of credit policies (for Treasury and IVF), Treasury loans and confirming to suppliers of the Generalitat, the management of the collection of taxes , bond deposits and the management of payments by the fixed cash system.

In addition to the usual banking services for the bank accounts of the Treasury of the Generalitat, the contract also includes the accounts of non-university public educational centers, the accounts of the institutions of the Generalitat and the operations of the public sector, as well as the participation in the financial agreements made by the Generalitat and the placement of surplus cash.

Regarding the previous contract, the new one contemplates the extension of the means of payment that the Administration of the Generalitat intends to implement to facilitate the taxpayers to make the income.

In addition to point of sale terminals, both physical and virtual, and ATMs, the contract provides for the development of online applications for card payment or online transfer at no cost to the taxpayer.

For the general interest of the Valencian Community in the evaluation of the proposals presented by the bidders, criteria of scale have been included where the social commitment of the financial institution in case of a tie will be taken into account.

It will also be taken into account if financial institutions commit themselves not to apply the Mortgage Loan Reference Index (IRPH), as well as to apply standards of environmental sustainability and environmental protection, recycling, energy efficiency, and environmental awareness.