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NEWS ABOUT: economic stimulus package

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Obama Plugs Stimulus Plan on Capitol Hill

(AP) - Barack Obama plunged into rare pre-inaugural crisis talks with congressional leaders today, declaring the national economy was "bad and getting worse" and embracing tax cuts expected to reach $300 billion, the AP reports. He predicted lawmakers would approve a mammoth revitalization package within 2 weeks of his taking office.... More »

Obama Visit Is Stimulus for White House-Congress Ties

Obama sees economic talks as first step to healing wounds of Clinton, Bush years

(Newser) - President-elect Obama’s visit to Capitol Hill today is as much about an economic stimulus package as it is about stimulating the White House-Congress relationship neglected by Bill Clinton and George W Bush, writes Manu Raju in Politico. A bipartisan, inclusive approach should earn Obama points with lawmakers—but if... More »

Obama Must Spend Boldly— or It's Great Depression II

Only government can save us now: Krugman

(Newser) - For decades economists believed that a second Great Depression was impossible; all the Fed had to do, they said, is print more money. But as Paul Krugman writes, monetary policy has failed; despite "supplying liquidity like an engine crew trying to put out a five-alarm fire," credit remains... More »

Pols: No Stimulus By Jan. 20

Republicans voice opposition to Obama's plan

(Newser) - President-elect Barack Obama’s massive economic stimulus bill may not move as quickly as Democratic leaders had hoped, Politico reports. Republicans began suggesting alternatives to the plan today, and House Democrats now say they likely won’t vote on the bill until the week of Jan. 19 or later. Obama’... More »

FDR 'Prolonged' the Depression? Come On

(Newser) - Fox News left one pundit scrambling for his history books last week after he dared to defend the New Deal. Supporting Congressional talk of a stimulus plan, David Sirota sat "mouth agape, deer in the headlights" as a commentator accused FDR's plan of prolonging the Great Depression. Sirota disagreed,... More »

Obama to Meet With Congress on Economy

First talks with congressional leaders since election will cover stimulus plan

(Newser) - Barack Obama's Hawaiian holiday is over, and he's now preparing to meet with congressional leaders Monday to discuss jump-starting America's economy, reports Reuters. Aides say the meetings—the president-elect's first with Congress since winning the election—will cover Obama's proposed stimulus package and a range of other issues. More »

Steel Industry Hopes Stimulus Will Forge Recovery

Execs want projects using American steel to be center of economic recovery

(Newser) - Leaders of America's sagging steel industry are hoping their operations will spearhead the economy's recovery with some major help from the US government, the New York Times reports. Steel orders have collapsed since September, causing thousands of layoffs. Execs are pushing hard for the expected stimulus package from the incoming... More »

Obama to Market Stimulus Plan

Republicans hoping to delay bill may filibuster

(Newser) - The incoming Obama administration plans to launch a nationwide political push for a quick passage of his $775 billion economic stimulus plan, the Los Angeles Times reports. Says adviser David Axelrod: “There shouldn't be endless debate about it.” Republicans acknowledge that they can’t stop his plan, but... More »

Obama Must Be a Goo-Goo: Krugman

That's a good-government wonk, much like FDR

(Newser) - Bill Clinton once declared that “the era of big government is over.” Barack Obama can’t do that, writes Paul Krugman of the New York Times. “Indeed, he has to be a goo-goo.” Goo-goo being a century-old term for “good government” proponents. FDR, for example,... More »

Stimulus Fight: Green Vs. Quick

Democrats battle for stimulus in 2009 infrastructure bonanza

(Newser) - As the incoming administration prepares its massive stimulus package, a divide is emerging between environmentalists, who want to prioritize "green-collar" jobs such as wind and solar power, and advocates of ready-to-go infrastructure like roads and bridges. As the Washington Post reports, each side is accusing the other of... More »

The US Has Become the GM of Nations

Friedman: Stimulus must be a reboot, not just a bailout

(Newser) - Last week Tom Friedman flew from Hong Kong to New York, and the contrast between the two cities' airports was "like going from the Jetsons to the Flintstones." For the New York Times columnist, American infrastructure has become a symbol for a country that, for all its... More »

Cash-Squeezed States Warn of Collapsing Infrastructure

Fed stimulus eyed as municipal bonds wither

(Newser) - Thousands of infrastructure projects across the country are on hold as states wrestle with budget crises, the New York Times reports. Gov. Arnold Schwarzenegger warned yesterday that California was “on a track toward disaster" as school, bridge, and road construction projects ceased, the victims of the credit squeeze and... More »

Krugman: Obama Can't Take Crutches Away Too Soon

Government must remain involved for economy to gain new footing

(Newser) - The Obama administration must resist the temptation to leave the economy to its own devices too soon, Paul Krugman writes in the New York Times. “Getting to the point where our economy can thrive without fiscal support may be a difficult, drawn-out process,” he writes, with no bubble... More »

Obama Widens Goals, Now Wants 3M Jobs

Recovery plans grow as advisers predict 9% unemployment

(Newser) - Barack Obama is expanding his plans to reverse the nation’s financial crisis and will seek to create 3 million jobs in the next two years, up from the goal of 2.5 million he proposed last month, the New York Times reports. The new figure follows a meeting in... More »

Fast-Track New Stimulus: Pelosi

(Newser) - Congressional Democrats are looking to fast-track a $600 billion economic stimulus package in the first weeks of the New Year, the Washington Post reports. Nancy Pelosi said today lawmakers are working with the Obama transition team to craft the plan, which is smaller than the $1 trillion scheme floated earlier.... More »

Obama Team's Stimulus 'Jolt' Nears $1T

(Newser) - Barack Obama’s economic advisers are devising a new stimulus package that could top $1 trillion over 2 years, the Wall Street Journal reports. Insiders say the $500 billion plan considered last month is too cautious given America’s mounting economic woes. "Every day there's a new bad number"... More »

DC's Moods: Excitement, Audacity, Anxiety

Brooks sees three themes in the capital

(Newser) - David Brooks "has been working tirelessly to understand the spirit of the American capital," and he lays out three main themes in the New York Times:
  • This isn't so much a transition as a "season of rebirth.” The impending inauguration feels like an "ancient tribal
... More »

Japan, EU Boost Economies as Bailout Dies

New stimulus packages announced to avert global paralysis

(Newser) - Japan and the European Union announced new measures to bolster their economies in the wake of the collapse of the US auto industry bailout. The Japanese government multiplied its bank recapitalization fund sixfold, to $131 billion, and announced an $11 billion package to save jobs. "We are working at... More »

Forget That Stimulus Bill: 5 Things Obama Should Fix

Obama shouldn't rely on a stimulus package for a cure-all

(Newser) - Barack Obama and his team are devoting much effort to a proposed stimulus package for 2009, but that is simply a superficial fix, writes James K. Galbraith in Mother Jones. “The effect ends when the stimulus does, when the sugar shock wears off,” says Galbraith, who suggests five... More »

End the Recession: Throw Us All a Grand

Banks just horde cash; citizens will spend it

(Newser) - The financial crisis has begotten a global recession, but government leaders across the world are still concentrating their efforts on fixing the banking system. That's a waste of time, writes Simon Jenkins; the banks only horde cash to save themselves and ride out the downturn. For the Guardian columnist, the... More »

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