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Democrats Will Try to Pass Stimulus in Early Jan.

By Perry Bacon Jr.
House Speaker Nancy Pelosi said that Democrats would look to pass a economic stimulus package of around $600 billion in the first two weeks that Congress meets next month.

Looking to push through legislation that President-elect Barack Obama could sign on his first day in office, Pelosi said that the package would likely include around $200 billion in tax cuts and $400 billion in spending on infrastructure projects, aid to states and other domestic spending intended to stimulate economic growth.

"I think we'll find some level of consensus in that range," Pelosi said at a press conference on Monday.

That number, while much larger than the $168 billion economic stimulus passed earlier this year, is nonetheless smaller than the packages some economists favor, which total up to $1 trillion. Pelosi aides said the Speaker and key members of Congress are now working out the details with Obama's economic aides.

Pelosi also repeatedly criticized the Bush administration for not spending enough of the separate $700 billion economic rescue package passage on helping homeowners pay their mortgages, saying Congress would look to limit how the administration spends the remaining half of that money until more is done to aid homeowners.

"It's been totally ignored by the administration, absolutely nothing has been done to respect that part of the legislation," Pelosi said.

By Web Politics Editor  |  December 15, 2008; 3:52 PM ET
Categories:  Barack Obama  
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Comments

Hoover proposed a $15 billion government employment / training program for Ford workers?

Posted by: JakeD | December 16, 2008 8:03 AM | Report abuse

JakeD,
You sound like Hoover. Sure, the market will correct itself. Sometime.

Posted by: ElrodinTN | December 15, 2008 9:50 PM | Report abuse

truthseeker58:

Good idea. Instead of $15 billion wasted to the automakers, why don't we simply take over the salaries, benefits, and pensions of any automaker that has to declare BK? That way, they can remain retired or (if young enough) go back to school / retrain for a better career?

Posted by: JakeD | December 15, 2008 8:57 PM | Report abuse

Lynn Tilton (CEO of Patriarch Partners) was on CNBC Squawk Box on Friday…relevant insights to this discussion…Fixing the Financial Crisis: The truth of the situation can be ignored no longer (http://www.cnbc.com/id/15840232?video=960926779.)

This is the same woman who predicted the financial crisis on Bloomberg TV back in 2006 (http://www.blinkx.com/video/lynn-tilton-on-bloomberg/87JL8lMSQmrDI4ALaa5zdQ) so perhaps she’s worth listening to now.

She proposes direct lending to businesses through a new “Provisional Federal Bank (http://www.patriarchpartners.com/Lynn_Tilton_WashPost_NYT.pdf)”…Liquidity must be made available not solely to big banks where Treasury-injected capital has been amassed to fill the cavity left by gambling losses, but rather expressly to deserving American companies and their people who will reignite our sputtering economy. A provisional Federal Bank must be initiated to foster enterprise and to provide job opportunities for every American.”

Posted by: truthseeker58 | December 15, 2008 8:43 PM | Report abuse

I will never acknowledge Obama as President, let alone "work together" with him. Nice try though.

Posted by: JakeD | December 15, 2008 8:37 PM | Report abuse

This administration is busy trying to build some "legacy" at this late stage, and getting shoes thrown at. There is no $ stops here attitude with the current people in-charge! Perhaps Mr. Cheney is busy buying a new home some place. So Americans, ask what you can for your country, take a vacation en-masse, and come back to work together on January 20, 2009!!

Posted by: YouSee | December 15, 2008 8:28 PM | Report abuse

EJ001:

Good points.

Posted by: JakeD | December 15, 2008 7:55 PM | Report abuse

First, you can't cut CEO pay for current CEO's that have legal contracts to pay them a certain amount. How would you like the government coming in and voiding your signed legal contract for your job? New CEO contracts - that's a different story.

Pelosi's idea to help home owners pay their mortgage is a JOKE. If someone can't pay their mortgage, THEY CAN'T AFFORD IT. Did you know more than 50% of reworked mortgages this year are in default after just 6 MONTHS! It has absolutely nothing to do with falling home prices. Your mortgage payment is what you agreed to pay (yes, even if it's an ARM loan). The value of your house has nothing to do with your mortgage payment.

What's next? Credit card bills, medical bills, college tuition, telephone service - where does it end. I'll tell you where it ends - bankruptcy for the US government OR (a more doubful possibility) US citizens start to take more personal responsibility for themselves and stop relying on the government to solve all of their problems. Which one do you think will happen?

Posted by: EJ001 | December 15, 2008 7:48 PM | Report abuse

Barack HUSSEIN Obama, Jr. has to be sworn in before he can sign any legislation.

Posted by: JakeD | December 15, 2008 7:09 PM | Report abuse

The nation and the world are in a depression. Tax rebates, unless they disproportionately favor the less wealthy, worsen matters by further concentrating wealth; needed above all is a volte-face with respect to Reaganomics. By contrast, infrastructure projects are a superb idea; work alfresco generates more economic activity than non-construction labor.

Posted by: Martial | December 15, 2008 6:45 PM | Report abuse

you know it's a NEW congress, perhaps the NEW congress should treat the legislation, and taxpayer money, like it's important to GET IT RIGHT.
you know, debate it, talk about it, analyze it,,,
not just make it up and give it up

Posted by: newagent99 | December 15, 2008 6:17 PM | Report abuse

No need for anti-Semetic comments.

Posted by: JakeD | December 15, 2008 5:59 PM | Report abuse

"Perhaps Pelosi should have included language in the prior rescue package requiring "help" for homeowners to pay their mortgages."

That would have required putting a little thought into the legislation. They also probably should have not let W change the wording giving the CEOs an open door to pay bonuses to all their friends who got us into this mess in the first place.

Hopefully this Congress will learn from their mistakes and stop with the knee-jerk legislation.

This recession is going to be around for a while. Taking an extra few days to a week to make sure the wording is clear and all the loop holes are closed isn't going to make that much difference.

Posted by: asmith1 | December 15, 2008 5:56 PM | Report abuse

Instead of blowing a bunch of money on another "stimulus" Congress needs to clean up the mess they made when they embarked upon this "free trade" fiasco! End it! End it right now! Congress passed the H1-B visa and the result has been more than 3 million American engineers and software programmers unemployed, replaced by cheap Indian and Chinese "guest workers". Round those foreign parasites up and send them home! The result of removing trade tariffs and duties, which I might note are used by our trading partners to protect their jobs, we need them back! Add to them punitive taxes on investments, investors, and businesses that outsource jobs. If Dell or Microsoft had to pay $5 or $10 for every U.S. customer service call, those call centers would return here. If Apple and Dell had to pay a 100% duty on computers made offshore and sold here, most of their sales BTW, they would move those jobs home. If timber companies couldn't export shiploads of raw timber to be cut into lumber and resold here, tens of thousands of jobs would return. Free trade has failed. Get rid of it and stand back and watch a flood of jobs return home!

Posted by: mibrooks27 | December 15, 2008 5:54 PM | Report abuse

Pelosi also repeatedly criticized the Bush administration for not spending enough of the separate $700 billion economic rescue package passage on helping homeowners pay their mortgages, saying Congress would look to limit how the administration spends the remaining half of that money until more is done to aid homeowners.

"It's been totally ignored by the administration, absolutely nothing has been done to respect that part of the legislation," Pelosi said.

Pelosi and her democratic scum bags were the one's that wrote the bill. No she wants’ to pass the buck saying there was no over sight??? of course there wasn't, you were the over sight and you blew it. You were to busy trying to fix up you're mess before the new President takes over and your sent back to Ca. where you belong. I hate to say it but this is what you get when you elect a Jew. After this weekends debacle with Madoff it's clear that No Jew should be trusted. Hitler may have been on to something. Who do you thinks been selling off your country. The Irish? The Europeans? The Asians, No it's the Jews. Wake up people.

Posted by: askgees | December 15, 2008 5:47 PM | Report abuse

I honestly think the title of this is a bit inflammatory. $200 billion is tax cuts, which I assume are the ones proposed by Obama in the campaign. The other $400 billion is for infrastructure projects which the country needs and may already be partially covered by normal infrastructure spending.

Posted by: mrspandex | December 15, 2008 5:35 PM | Report abuse

The only things the Do Nothing Democrat
Controlled US Congress need do frankly is to Impeach Crackhead President #1 George W
Bush and then Impeach Crackhead President
Elect #2 Barack Hussein Obama and Impeach
VP Draft Dodger #1 Richard Cheney,and to
Impeach VP Draft Dodger #2 Joe Big Mouth
Biden Immediately or Resign En Masse!

And the Second Thing that Congress needs to
do is Expell Madwoman Madame Speaker Nutso
Nancy Pelosi,House Majority Leader Steny
Horseface Hoyer,Senate Majority Leader Horrid Harry Reid and M

Posted by: Ralphinphnx | December 15, 2008 5:05 PM | Report abuse

"It's been totally ignored by the administration, ... " Pelosi said.

The only thing the Bush administration didn't ignore was the filling of the pockets of the Bush Crime Family. The mojority of the wealth of this country is now controlled by the same small percentage as in 1929. Mission Accomplished.

Posted by: thebobbob | December 15, 2008 4:52 PM | Report abuse

When has Congress ever had strict oversight into spending. I am quite tired of the blame game going on in DC, I guess no one wants to stand up and say opps for legislation the could have helped. I for one will get nothing out of this, I purchased my home and set a limit to what I could afford. Banks got into this situation because they were forced to keep up with Freddie and Fannie by the orders placed by the Clinton administration and the Bush administration continued the process. Seems like Congress needs to clean house and actually write bills that put someone in charge to be accountable. So far I have not seen one bill that puts someone in charge, it usually is written that this will be determined. I still have not heard one Democrat come out during the first 6 years of the Bush administration that the spending was out of control. Be mindful for what we have, cause tomorrow we may have to share.

Posted by: jwgorman | December 15, 2008 4:49 PM | Report abuse

"thn car cealers" = then car dealers

Posted by: JakeD | December 15, 2008 4:08 PM | Report abuse

Perhaps Pelosi should have included language in the prior rescue package requiring "help" for homeowners to pay their mortgages. First homeowners and thn car cealers, what's next: subsidies for restaurants and movie theatres? Seriously, when does this stop?

Posted by: JakeD | December 15, 2008 4:04 PM | Report abuse

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