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The Congressional compromise on a $789bn fiscal stimulus was Story of the Day. Barack Obama emphasized the infrastructure component of the plan--$113bn or so in public works spending--by visiting the Caterpillar factory in Peoria which makes the heavy machinery those projects require. NBC led with the President's Peoria trip. CBS also led from the White House, but chose the latest stumble in organizing a new Cabinet: Judd Gregg the Republican nominated as Commerce Secretary decided to withdraw his name. ABC for its lead disregarded politics and chose the safety of childhood vaccinations instead.

The two aspects of the fiscal stimulus to attract attention were its infrastructure spending and its tax relief. NBC's Chuck Todd and ABC's Jake Tapper both covered infrastructure from Peoria; NBC's Kelly O'Donnell and CBS' Nancy Cordes both covered taxes from Capitol Hill. The tax angle was quite straightforward: each worker will get a $400 credit against payroll taxes; Social Security recipients will receive a $250 bonus; and tax breaks will play the role of subsidies for first time buyers of homes, buyers of new cars and students paying college tuition.

The infrastructure spending hit a snag. The President announced that Caterpillar had promised to reverse its recent layoffs if Congress signed on to his stimulus package. "Not so fast," was how ABC's Tapper put it, when CEO John Owens suggested there might not be enough construction in the bill. NBC's Todd heard an Owens hedge in the precise wording of his rehiring promise--"if the stimulus plan passed and other countries followed suit."


Andrew Tyndall 2/14/09 4:56:43 pm

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