GOP Proposes Alternative Stimulus

(NEWSER) - President Obama's top economist is confident that swift action by the administration averted disaster, ABC News reports. “We were at the brink of catastrophe at the beginning of the year,” Larry Summers says, “but we have walked some substantial distance back from the abyss.” Summers credits the recovery to the two-tiered plan that moved quickly to stabilize the financial system while simultaneously preparing for future growth. More»

(NEWSER) - Larry Summers sounded a note of cautious optimism today about President Obama's stimulus plan, the Washington Post reports. While it's way too early to assess its "broader economic impact," Obama's chief economic adviser called it "moderately encouraging" that consumer spending appears to be back on track. More»

President has raised taxes when business needs a break

(NEWSER) - Everyone loves a scapegoat. The American people have Wall Street fat cats, and President Obama has George W. Bush, writes David Harsanyi for the Denver Post. While Obama, "in a superbly eloquent and inspirational pitch, always reminds us that nothing is his fault," Harsanyi gripes, "nearly every initiative enacted in the first 50 days of the Obama administration has exacerbated what Bush started." More»

Bigger deficits are worth the benefits, Fed chair tells Congress

(NEWSER) - Ben Bernanke supported the Obama administration’s economic policy before Congress today, the Wall Street Journal reports. The $787 billion stimulus bill should boost “demand and production” and soften job losses over the next 2 years, the Federal Reserve chief told the Senate Budget Committee. The expansion of government debt required by the stimulus is “unavoidable” Bernanke said, given the consequences of inaction. More»

Prez still didn't get much GOP support

(NEWSER) - President Obama promised a new spirit of cooperation in Washington, and in his relationship with Congress, he did his best to deliver, the Wall Street Journal reports. Obama left congressional leaders wide leeway in crafting the stimulus bill and stayed in close touch with members. Joe Biden stayed on pivotal senators like Susan Collins, calling her back repeatedly in rural Maine. More»