REPORTS

U.S. SENATE TO DEBATE OBAMA'S STIMULUS PLAN

Fox News

FOX News focuses on how President Barack Obama has turned to seek support from state governors in pushing his economic stimulus plan. It cites some reasons the efforts might become fruitful:

“The money could be hard for some governors to resist, especially since congressional committees have already broken down the stimulus payout on a state-by-state basis. Even some governors who are against the stimulus in principle are not saying they will turn the money down.”

NBC's Meet the Press

NBC’s Meet The Press takes a look at the bipartisanship issue, as the GOP has strongly vowed to resist the economic stimulus bill. Moderator David Gregory talks to Senator Kay Bailey Hutchison (R-TX), a member of Senate banking committee. She urges the President to include more participation from the Republicans on the plan:

“If there is a bipartisan effort, it’s not just talking about it. It is really giving and taking and we have done in the Senate in the past to make this a bill that we would—at least 60 of us would—feel comfortable with or more. That’s what I think the President has indicated he would do but we haven’t seen it yet.”

Salon.com

Salon.com downplays concerns from Republicans about the deficit that could be piled up on the federal budget due to the massive recovery plan.
It quotes Mark Zandi, a chief economist who served as an informal adviser to the McCain campaign:

“But it is important to consider that the nation's budgetary problems would likely be even worse if policymakers do not respond aggressively to the crisis, because the sliding economy would undermine tax revenues and result in much higher government outlays that supported all the folks that would be losing jobs.”

The Atlantic

The Atlantic’s Megan McArdle views the stimulus as an experiment for the government. She looks into the future and offers some suggestions, in case the plan fails to boost the U.S. economy:

“I’d like to see the people favoring it commit to some empirical benchmarks to test their case in advance. … It’s no good complaining that "It wasn't big enough", either, because where are the stimulus enthusiasts demanding that we front load the spending into a single year so that it will be big enough, rather than wasting half of it on weakly stimulative spending that is likely to have its biggest effect after the recession is over?”

DISCUSSION

freshprincefreshprince
February 2, 2009
12:41 PM
The real issue with the stimulus is that savings rates among consumers spike with direct stimulus checks (http://www.google.com/hostednews/canadianpress/article/ALeqM5hKqs4Xm9pvRV_O1lBMCAFA_cu1SQ). Job creation in the pursuit of infrastructure improvement is a much more effective counter-recessionary strategy, and also an extra viable bi-partisan tactic considering most underserved areas of the U.S. are blood red.

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