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News Link • Economy - Economics USA

TARP, recovery and now … this!

Presidents George W. Bush and Barack Obama signed a combined nearly $1.5 trillion in federal spending in the attempt to correct the nation's economic tailspin, but with unemployment soaring over 10 percent, Congress is gearing up to pass yet another economic "stimulus" package, perhaps as soon as January.

The Los Angeles Times reports that President Obama and fellow Democrats in particular are in process of assembling a new jobs package that would devote unspecified billions of dollars to projects meant to put people back on payrolls in 2010. The House version of "stimulus 3.0" may even be pushed through as quickly as next month.

The Times cites Democratic House members disappointed that Obama's $787 billion American Recovery and Reinvestment Act wasn't larger and pledging to press for a new, substantial spending plan to address unemployment.

"I hope we don't play around the edges with this and we do what will work. Invest

the money now," said Rep. Barbara Lee, D-Calif. "We have to create jobs, and we have to create them right away."

Rep. John Carter, R-Texas, however, believes that more government spending will do nothing to solve unemployment.

 

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