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NEWS ABOUT: economic stimulus package

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Soros Blasts 'Haphazard' Bailout

Billionaire calls for radical next phase to stave off Depression

(Newser) - The first bailout was bungled and the new $850 billion stimulus package under consideration will help keep social services ticking but won't be enough to save the slumping economy,  billionaire philanthropist George Soros warned the US Conference of Mayors yesterday. He slammed the "haphazard" handling of the... More »

Pelosi Open to Prosecuting Bushies

Emanuel: Blago didn't imply anything shady in talks with me

(Newser) - Nancy Pelosi would consider prosecuting some Bush White House officials, she told Fox News Sunday, even though Barack Obama has signaled that he doesn't favor such a move. "We cannot let the politicizing of, for example, the Justice Department to go unreviewed," says the speaker of the House.... More »

House Dems Debut $825B Stimulus Bill

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... More »

Poll: Americans' Trust in Gov't Plummeted in '08

62% trust feds less than a year ago; 65% think US is on wrong track

(Newser) - 2008 wasn’t a great year for the federal government’s reputation, with a Politico poll finding that 62% of Americans say their confidence in Washington has decreased in the past year. The main worry is the economy: 45% say that economic stimulus should be the highest priority (no other... More »

Education at Heart of Obama Stimulus Plan

$140B in 2-year plan would take other pressures off states

(Newser) - In its current form, Barack Obama’s 2-year economic stimulus plan—currently pegged at $775 billion—will channel some $140 billion to education, Politico reports. As Congress hammers out its plan, changes are likely, but education and Medicaid look set to be major beneficiaries. States will see major block grants,... More »

Use Stimulus to Invest in Food Reform

Fixing food will save health and environment

(Newser) - Just because Barack Obama has a lot of issues to deal with once he's sworn in, he shouldn't leave food reform off the table. Putting a bulk of the stimulus package toward local and regional food systems will cut costs and bring us back from the edge, Tom Philpott, founder... More »

Bail Out America's Brains

To stay afloat, we need more Gateses and Jobses

(Newser) - Building roads and bridges will give our economy a short-term boost—but we need to look farther into America’s future on the global stage, writes Thomas Friedman in the New York Times. That means investing to make sure the next Microsofts and Googles are home-grown. How? For a start,... More »

Obama Vows to Create Private Sector Jobs

Addresses worries about expanded government workforce

(Newser) - Barack Obama today tried to curtail criticism that his stimulus will grossly expand the public workforce, the Washington Post reports. Some 90% of the jobs that the plan intends to create will be in the private sector, many of them in the green-energy industry, he promised in his weekly radio... More »

Don't Say 'Recession,' Say 'Recovery'

Obama uses focus groups, polls to sell stimulus package

(Newser) - It’s not “infrastructure,” it’s an “investment.” It’s not a “recession,” it’s a “recovery.” Such are the pearls of wisdom Team Obama is spreading to congressional allies, Bloomberg reports. Gleaned from focus-group research and polling, these linguistic tweaks are... More »

Dow Ends Bleak Week Off 143

Index down 4.8% since Monday

(Newser) - Stocks posted losses today as news that US unemployment hit 7.2% moved the markets to the finish of a dismal week, MarketWatch reports. The Dow lost 143.28 to close at 8,599.18, with losses perhaps limited because investors were expecting the bad jobs news. The Nasdaq fell... More »

Get Behind President—but Don't Idolize Him: Noonan

Speaking truth to power, not getting tongue-tied, more important now than ever

(Newser) - When Barack Obama spoke of his stimulus plan yesterday, he did it with authenticity and optimism, saying Americans could and would fix this mess. Peggy Noonan agrees. “This is not a nation of 300 million people on a morphine drip,” she writes in the Wall Street Journal. Noonan... More »

Obama's Cure Not Potent Enough for Economic Ills

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... More »

Dems Don't Like Obama Tax Cuts

Hill leaders doubt plan's stimulus power, say prez-elect trying too hard to woo GOP

(Newser) - Barack Obama's proposed tax cuts are opening a rift with his former congressional colleagues, the Hill reports. Democratic lawmakers are skeptical as to whether the cuts—which are 40% of the proposed stimulus package—will give the economy the necessary boost. Some think the president-elect is trying too hard to... More »

$800B Stimulus Too Much for GOP, Too Little for Dems

Adding to already-enormous debt worries Republicans; excess of caution has other side jumpy

(Newser) - The GOP responded today to Barack Obama’s calls for immediate action on the economy, cautioning that too bold a move could have dire consequences, the Hill reports. “Let’s not use the obvious need as a way to make the problem worse,” said Senate Minority Leader Mitch... More »

Obama Pitch: We're Doomed Without Stimulus

(Newser) - Barack Obama went for the hard sell today, making the case for his huge stimulus plan. “I don't believe it's too late to change course,” Obama said in a speech at George Mason University, “but it will be if we don't take dramatic action as soon as... More »

79% Support Obama Stimulus Plan, Poll Says

And public places more confidence in him than in Congress

(Newser) - Most Americans favor Barack Obama's pricey antidotes for the economy, and they like him better than his pals in the legislative branch, Politico reports. A recent poll says 79% back Obama's fiscal plans, which include a $775 billion injection into infrastructure and alternative energy. The president-elect's favorable rating sits high... More »

Obama Targets Social Security, Medicare

Faced with trillion-dollar deficit, president-elect vows reform, trims

(Newser) - In his first foray into the hazardous terrain of entitlement programs, Barack Obama said yesterday that his administration would overhaul Social Security and Medicare to clamp down on government spending. At a news conference and in a subsequent interview with the New York Times, the president-elect said, "If we... More »

US 2009 Deficit at Least $1.2T

(Newser) - This fiscal year, which started in October, will see the US running a budget deficit of at least $1.2 trillion, the largest ever, the Washington Post reports. That number could swell to $1.6 trillion if Barack Obama’s massive $800 billion stimulus plan is approved by Congress. The... More »

Stimulus Widens Unemployment Coverage

Part-timers would be eligible; plan expands health-care options

(Newser) - The Obama stimulus plan will include a $7 billion provision intended to force states to extend unemployment insurance to part-time workers, reports the Wall Street Journal. A separate plan subsidizes COBRA payments and allows uninsured workers who get laid off to buy into Medicaid, and all three measures are riling... More »

Obama: Expect Trillion-Dollar Deficits

(Newser) - Barack Obama delivered yet another dose of sobering economic news today—the nation should expect to run trillion-dollar deficits for multiple years, the Washington Post reports. The once unthinkable sum—we're already well on our way toward it in fiscal 2009—is more than double the previous high. Obama acknowledged... More »

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