Dems Planning $50 Bln Stimulus Package

House Democrats, as reported by the WSJ – are planning another economic-stimulus bill of at least $50 billion. The plan is seen as a significant psychological boost for jittery markets and a way to stimulate the suddenly sputtering U.S. economy.

The bill is likely to include a second round of checks for middle-income people, plus spending on road projects and aid to states.

The general consensus, among people including former Clinton administration officials Lawrence Summers and Alan S. Blinder, was that checks for individuals and additional government spending would help boost the economy, stem job loss and alleviate the pain of higher prices that people are paying for food and gas.

It is unclear whether a second stimulus bill would enjoy the same bipartisan momentum of the earlier one, which was the product of negotiations between the Bush administration, Ms. Pelosi and House Minority Leader John Boehner (R., Ohio).

Many of the proposals being floated by Democrats are the same ones President Bush and other Republicans rejected in the last go-round. Fundamentally however, apart from the competing notions and philosophies about economic policy. I think the basic goal here, whether you are a Democrat or Republican – is simple – conclusive actions must be taken rather fast to keep the economy growing.

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About Ron Haruni 1068 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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