Dems Don't Like Obama Tax Cuts

(NEWSER) - President Obama listened to Republican gripes about his stimulus plan today, then calmly reminded them that "I won," Politico reports. The GOP is seeking more middle-class tax cuts, among other things, and says the spending package is too large. Further negotiations are planned, but Dems appear to be in control. Asked if he worried about GOP resistance to passing the bill by Feb. 14, Harry Reid replied, “No.” More»

Public works, education get plenty of attention in measure

(NEWSER) - House Democrats today introduced a long-awaited stimulus package, developed with President-elect Obama, and totaling $825 billion, the New York Times reports. The economic recovery plan includes billions in tax cuts, Medicare subsidies, and public-education and infrastructure spending. The Senate is developing its own version, and vigorous debate is anticipated as Congress attempts to pass the legislation by mid-February. More»

Call for bold action on economy followed by plan that falls a long way short

(NEWSER) - Barack Obama's call for aggressive action on the economy hasn’t been backed up by a plan bold enough to do the job, Paul Krugman writes in the New York Times. Plunging levels of investment and consumer spending will leave a gap of around $2 trillion between what America produces and what it can sell—and Obama's plan only offers $775 billion to fill that hole. More»

(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»