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January 23, 2009

As Negotiations Continue, Leaders Optimistic On Stimulus Timing

By Mike Memoli

President Obama and the leadership of both parties expressed optimism today that an economic stimulus package will be through the Congress by President's Day. Still, despite the usual statements about bipartisanship during and after a White House meeting this morning, Republicans raised concerns about the size and the substance of the stimulus.

"We believe that spending nearly a trillion dollars is really more than what we ought to be putting on the backs of our kids and their kids," House Minority Leader John Boehner told reporters as he left the White House this morning. "We've got ideas that lowering tax rates and allowing people to keep more of what they earn will allow them to spend that money, invest that money, or save it, all of which will be good for the economy."

He questioned, somewhat suggestively, how spending "hundreds of millions of dollars on contraceptives" would "stimulate the economy." "You can go through a whole host of issues in this bill that have nothing to do with growing jobs in America and helping people keep their jobs," he said.

House Speaker Nancy Pelosi said the Republicans today made some "constructive suggestions" which they would review, and claimed that many of their ideas have already been incorporated in the House bill, like tax cuts.

"They have had their voices heard and their provisions in the legislation. So this isn't starting from scratch," she said. "There are some additional suggestions that will be reviewed, as to their ability to help our economy turn around, create jobs or save jobs."

A Republican leadership aide disagreed, and said the Democrats have failed to even meet Obama's ideas on tax cuts.

Asked about concerns among economists that the bill, already estimated to be around $825 billion, may still be insufficient to rejuvenate the economy, Pelosi even seemed to suggest it is large enough.

"It's not just about how big the package is, it's about how fast jobs are created and how those initiatives that are added in the spending will contribute to the long term stabilization of our economy," she said, adding that the deficit should also be a factor.

Obama did not address the specifics of the pending legislation, but only thanked the leaders for "moving forward very diligently" in the process. And he said there is more to be done after the bill is signed.

"The recovery package that we're passing is only going to be one leg in a -- at least a three-legged stool," he said. He referred to reports of abuse by some recipients of buyout funds, and also waste in the government. "Those all have to be part and parcel of a reform package if we're going to be responsible in dealing with this economic crisis."

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