Republicans propose $445 billion alternative stimulus...

[WhiskeyGirl]

"The American people are beginning to figure out what this package is, that it's not a stimulus package it's a spending package," said Sen. John McCain, an Arizona Republican who lost to Obama in the 2008 presidential election.

The package put forward by McCain and others was priced at $445 billion, half the cost of the Democratic version.

It centered on cutting in half a 6.2 percent payroll tax on employees, cutting the corporate tax rate to 25 percent from 35 percent and lowering the bottom two income tax brackets to 10 percent and 5 percent, all for one year.

McCain and Sens. Lindsey Graham of South Carolina, John Thune of South Dakota, Richard Burr of North Carolina and Mel Martinez of Florida also proposed $11 billion to prevent home foreclosures and $65 billion in state grants to build and repair bridges and roads.

But Senate Minority Leader Mitch McConnell, a Kentucky Republican, complained about "wasteful spending" and outlined yet another Republican plan.

His would provide cheap, 30-year fixed mortgages, at around 4 percent to homebuyers to help the hard-hit housing sector. It also would cut income tax rates for workers earning up to $67,900, whereas the existing legislation would provide up to $1,000 in tax credits to families.

http://www.reuters.com/article/vcCandidateFeed7/idUSN0142074920090203