Texas Expects $16 Billion in Stimulus Money

DALLAS - The state of Texas is expected to receive billions of dollars from the economic stimulus package. But, not everyone agrees on whether the money will benefit the state.

U.S. Congressman Sam Johnson voted against the plan along with most of his fellow Republicans.

“I don’t think it’s gonna work. It’s a giveaway of American dollars. It’s gonna put us in a lot of debt,” Johnson said.

But, Ed Butowsky thinks otherwise.

Butowsky has been investing other people’s money for more than 20 years. He said getting money into the system can turn the downturn around.

“This package is going to help us, but patience is going to be the key because it’s not going to help overnight,” he said.

Of the $787 billion, Texas is expected to receive about $16 billion. The biggest chunks will go toward Medicaid and education. And, more than $2 billion is earmarked for the state’s highways and bridges.

Congressman Johnson is critical of where some of the money will be spent.

“A Frisbee golf place in Austin, Texas? I don’t thing that’s were we should be putting our money,” he said. “If you want to spend this kind of money, give every person in America $20,000 and I’m sure they’ll go out and spend it.”

Butowsky said he predicts interest rates will rise and there will be some inflation, but he sees relief in the stock market.