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03-12-2009, 04:47 PM #1
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Democrats draw up plan for second stimulus bill
the first stimulus was not meant to kick start the economy... it was pay pack to Acorn and any other flaky organization that supported the Obama team during the election
Democrats draw up plan for second stimulus bill
Democrats in the US Congress are drawing up plans for a second stimulus bill amid fears the first $787 billion package was not big enough to kick start the US economy.
By Alex Spillius in Washington
Last Updated: 5:17PM GMT 11 Mar 2009
Speaker of the House Nancy Pelosi signs the financial rescue package on Capitol Hill earlier this year Photo: AP
Just weeks after Congress approved the largest rescue package in US history, Nancy Pelosi, the speaker of the House of Representatives, said "we have to keep the door open" to another stimulus.
David Obey, the chairman of the appropriations committee, said he has instructed his staff to start drafting another stimulus proposal, though he emphasised no deadlines or timelines had been set.
Their remarks followed a meeting with economists who warned that only 2.5 million jobs would be "saved or created" over the next year, rather than the 3.5 million forecast by President Barack Obama.
Mark Zandi of Moody's Economy.com, who has also visited the White House, was the leading voice warning that more taxpayer money should be pumped into the economic bloodstream, even though the first round of government spending and tax cuts has yet to take effect.
The spectre of a second stimulus will alarm Republicans, who opposed the first package nearly unanimously, as well as conservative Democrats.
However some, mainly left-leaning, economists argued from the start that more money should be spent. They claim they have been vindicated by a series of grim statistics on Wall Street and in the jobs market since the stimulus bill was passed three weeks ago.
The Dow Jones index has fallen by 17 per cent since Mr Obama’s inauguration. Unemployment climbed to 8.1 per cent by the end of February, as another 651,000 jobs were lost. Most experts forecasting the rate will reach close to nine per cent by the end of the year.
Amid warnings of a long-lasting recession, or another Great Depression, even some economists friendly to Mr Obama have criticised him for doing too little.
Paul Krugman, the Nobel Prize-winning economist and columnist, wrote in the New York Times: “Economic policy is falling behind the curve, and there’s a real growing danger that it will never catch up.â€Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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03-12-2009, 05:14 PM #2
I can see Pelosi slobbering and ringing her hands now. Gimmie-gimmie-gimmie. Think this woman has a shop-a-holic issue? Spend-spend-spend.....
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