Obama's team polishing economic stimulus measure

By ANDREW TAYLOR

WASHINGTON (AP) — President-elect Barack Obama's transition team is putting the finishing touches on an economic recovery plan that could run from $675 billion to $775 billion. Briefings for top congressional Democratic officials are likely this weekend or on Monday, a senior transition official said Friday. Obama is slated to meet Monday with House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., in a session likely to focus on the economic recovery package.

Democrats had hoped to get the recovery plan set for Obama's signature as close to Inauguration Day as possible, but it's plain that the schedule is slipping.

When Congress convenes next week there will only be two weeks before the inauguration. The earliest the measure could reach the House floor is the week of Jan. 12, said a Pelosi spokesman, and even that is looking doubtful.

Republican leaders have demanded time to scrutinize the measure, a request that seems likely to be granted, at least in part. A separate Obama transition official promised "full transparency" in considering the plan.

The Senate's top Republican, Mitch McConnell of Kentucky, again protested Friday that his party and the public need time to scrutinize the Obama plan so that "every dollar needs to be spent wisely and not wasted in the rush to get it spent."

Congressional aides briefed on the measure say it's likely to blend tax cuts of $500 to $1,000 for middle-class individuals and couples with about $200 billion to help revenue-starved states with their Medicaid programs and other operating costs.

A large portion of the measure will go toward infrastructure projects, blending old-fashioned brick and mortar programs like road and bridge repairs and water projects with new programs such as research and development on energy efficiency and an expensive rebuilding of the information technology system for health care.

Despite the proposal's big price tag, a top lawmaker questioned whether the economic situation is so dire that Congress may not be able to pump money into the economy fast enough.

"My main worry is whether or not we can find enough places to responsibly put money so that you have a big enough effect to correct the problem or at least mitigate the problem," said House Appropriations Committee Chairman David Obey, D-Wis.

Obey said the focus is on getting taxpayer dollars into programs that can spend it quickly such as aid to states suffering massive budget gaps. He declined to go into other specifics but said the measure won't lead to many permanent spending hikes.

"We are trying to focus on what can get out the fastest that will not be built into the budget baseline when the recession is over," Obey said.


http://www.google.com/hostednews/ap/article/ALeqM5itBENNErYRQKT05EtyY6woQTQb1wD95FA6DO2

Again, good read and interesting information.....when will my check be ready.....Thanks..
Tony

thanks kndtrpts

Hmmm....another 3/4 of a trillion dollars....

Here is Obama's sketched out recovery plan: NEW YORK (CNNMoney.com) President-elect Barack Obama on Saturday offered the most detailed statement yet of his economic recovery plan, sketching out broad-based spending proposals and tax incentives aimed at reviving an economy mired in recession.

In his weekly radio and video address describing what he called the American Recovery and Reinvestment Plan, Obama spelled out five main goals. He said his plan proposes to:

double renewable energy production and make public buildings more energy efficient;
rebuild crumbling roads, bridges and schools;
computerize the health care system
modernize classrooms, labs and libraries;
and provide tax breaks to American workers.
"Economists from across the political spectrum agree that if we don't act swiftly and boldly, we could see a much deeper economic downturn," Obama said. "That's why we need an American Recovery and Reinvestment Plan that not only creates jobs in the short-term but spurs economic growth and competitiveness in the long-term."

The main goal of his plan: to create 3 million new jobs. Most would come from the private sector, he said.

As Obama prepares to take office on Jan. 20, the country faces a series of severe economic and political challenges.

Nearly 2 million jobs were lost in the first 11 months of 2008 - the final government reading on the employment picture will be released on Friday - and the economy has stagnated. Investors suffered the worst year in stocks since the Great Depression, and foreclosures are rising while housing values are declining at record paces.

Virtually every state is facing a budget shortfall, forcing many to make plans to cut back on critical services and raise taxes.

To that end, Obama's advisers and lawmakers have said they expect his legislation to provide increased aid to states to pay for Medicaid, as well as a boost to unemployment benefits and food stamps. However, he didn't mention it in his address on Saturday.

Obama's video address did not attach an estimated price tag to his proposal, but his advisers have said publicly they expect the size of the spending package to range between $675 billion and $775 billion.

Many economists have called for stimulus spending to approach or even exceed $1 trillion if the government expects to successfully beat back one of the deepest downturns in more than two generations.

Next step: Making the pitch to Congress
On Saturday, the president-elect confirmed that he will meet with Democratic and Republican congressional leaders next week to sell them on the plan.

While his aides have been in talks with Capitol Hill staffers, Democratic and Republican lawmakers have been calling on him to present details for what could be the most expensive spending bill in U.S. history.

Some Democrats and Republicans have already raised red flags about the proposed plan's potential scope and the prospect of a rushed attempt to pass the bill in time for Obama to take office on Jan. 20.

A sharp debate is likely over several crucial questions. Will the proposed measures in fact boost the economy? What's the right balance between seeding short-term stimulus versus funding long-term projects? Will money intended to yield long-term dividends for the economy as a whole end up merely serving politically motivated agendas or pet projects?

Obama attempted to assuage some of those concerns on Saturday when he called for "vigorous oversight and strict accountability for achieving results." He stressed that his plan is not an attempt to "throw money" at the economy's problems.

"I am optimistic that if we come together to seek solutions that advance not the interests of any party, or the agenda of any one group, but the aspirations of all Americans, then we will meet the challenges of our time just as previous generations have met the challenges of theirs," Obama said.
ry plan.

Obama's team polishing economic stimulus measure

By ANDREW TAYLOR

WASHINGTON (AP) — President-elect Barack Obama's transition team is putting the finishing touches on an economic recovery plan that could run from $675 billion to $775 billion. Briefings for top congressional Democratic officials are likely this weekend or on Monday, a senior transition official said Friday. Obama is slated to meet Monday with House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., in a session likely to focus on the economic recovery package.

Democrats had hoped to get the recovery plan set for Obama's signature as close to Inauguration Day as possible, but it's plain that the schedule is slipping.

When Congress convenes next week there will only be two weeks before the inauguration. The earliest the measure could reach the House floor is the week of Jan. 12, said a Pelosi spokesman, and even that is looking doubtful.

Republican leaders have demanded time to scrutinize the measure, a request that seems likely to be granted, at least in part. A separate Obama transition official promised "full transparency" in considering the plan.

The Senate's top Republican, Mitch McConnell of Kentucky, again protested Friday that his party and the public need time to scrutinize the Obama plan so that "every dollar needs to be spent wisely and not wasted in the rush to get it spent."

Congressional aides briefed on the measure say it's likely to blend tax cuts of $500 to $1,000 for middle-class individuals and couples with about $200 billion to help revenue-starved states with their Medicaid programs and other operating costs.

A large portion of the measure will go toward infrastructure projects, blending old-fashioned brick and mortar programs like road and bridge repairs and water projects with new programs such as research and development on energy efficiency and an expensive rebuilding of the information technology system for health care.

Despite the proposal's big price tag, a top lawmaker questioned whether the economic situation is so dire that Congress may not be able to pump money into the economy fast enough.

"My main worry is whether or not we can find enough places to responsibly put money so that you have a big enough effect to correct the problem or at least mitigate the problem," said House Appropriations Committee Chairman David Obey, D-Wis.

Obey said the focus is on getting taxpayer dollars into programs that can spend it quickly such as aid to states suffering massive budget gaps. He declined to go into other specifics but said the measure won't lead to many permanent spending hikes.

"We are trying to focus on what can get out the fastest that will not be built into the budget baseline when the recession is over," Obey said.


http://www.google.com/hostednews/ap/article/ALeqM5itBENNErYRQKT05EtyY6woQTQb1wD95FA6DO2:clap:g reat read and thank you iam like tony where is my check ,and i will be here having a cup of :coffee: waiting ill run the pot dry frist:D

Hmmm....another 3/4 of a trillion dollars.... i would like to ask have you got your bail out check yet :\

Our President-Elect is putting in more work than Dubya has in 8 years. Heh.

While I don't agree with any unnecessary bailouts or stimulus packages, I think the recession in the US if far worse than anyone in this forum can comprehend. So far it has been masked pretty well from the public. Another great depression of sorts would be devastating and chaos would surface. Even if you have a job now and your occupation is thriving, there is always a trickle-down effect. Noones job is bulletproof come 2009-2010 unless drastic measures are taken.

Without pumping some money back into our country, the downfall of the US would be all but imminent.

Isn't it also interesting that during the campaign he tried to distance himself from the old Clinton organization but now has half their staff as well as Hillary working for him. It will be interesting to see what happens when he actually takes office. What I want to be around to see is what happens with his first official visit to Russia. With all the hate crimes over there, skin-head attacks on people of color with no follow-up by the police, etc. that should be a rather interesting visit....

Your kidding right?

No Action yet..........just Talk!

:sleep:


Just jokingly exaggerating...

BUT, it is a known fact that Mr. Bush has taken off more time than any president in the history of the United States.

Isn't it also interesting that during the campaign he tried to distance himself from the old Clinton organization but now has half their staff as well as Hillary working for him. It will be interesting to see what happens when he actually takes office. What I want to be around to see is what happens with his first official visit to Russia. With all the hate crimes over there, skin-head attacks on people of color with no follow-up by the police, etc. that should be a rather interesting visit....

When trying to defeat someone else, wouldn't you try to distance yourself from your opposition. That is pretty much common sense.

It could also be viewed as a strategic move to now have Clinton and her contituents work with Obama. That might all but seal up his victory as an incumbent president come 2012.

Do you really think Obama will be concerned with the hate crimes in Russia early on? He has a pile of things to fix on US turf first.