Washington Times reports:
Quote:
President Obama's economic recovery package will actually hurt the economy more in the long run than if he were to do nothing, the nonpartisan Congressional Budget Office said Wednesday.
CBO, the official scorekeepers for legislation, said the House and Senate bills will help in the short term but result in so much government debt that within a few years they would crowd out private investment, actually leading to a lower Gross Domestic Product over the next 10 years than if the government had done nothing.
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Meanwhile ...
Quote:
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[Obama] warned that failure to act quickly "will turn crisis into a catastrophe and guarantee a longer recession."
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Sounds like scare-mongering to me. Maybe Obama needs to check-in with his buddies at the CBO.
On the other hand, it explains
this:
Quote:
Democrats hunt for Republican support on stimulus
U.S. President Barack Obama and Senate Democrats worked to revise their $900 billion economic stimulus bill on Wednesday, hoping to drum up enough Republican support to get it across the finish line next week.
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If this bill is going to save us from catastrophe, one wonders why they need to hunt for Republican support. Seems like they should cheer their one-sided willingness to act now to save the Republic. Maybe even they don't really believe in it.
And finally,
just for fun:
Quote:
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President Obama used the announcement of restrictions on executive compensation for banks receiving federal aid to remind Congress and the American public who won the election and to push for passage of his recovery plan.
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There's some skillful negotiating for ya: "I won." Guess what Obama: the Republicans whose votes you want also won. You're going to have to be a little more convincing then rubbing the Presidential Seal in their faces.