InfoAnda - Obama To Make Case For Economic Stimulus In Network Interviews Tuesday

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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat Obama To Make Case For Economic Stimulus In Network Interviews Tuesday February 3, 2009 9:14 a.m. EST Kris Alingod - AHN Contributor Washington, D.C. (AHN) - President Barack Obama will call for quick action on his economic stimulus plan in television interviews on Tuesday as the Senate resumes its floor debate of a nearly $900 billion package that is facing strong Republican opposition. The President is scheduled to do interviews with ABC, CBS, NBC, CNN and FOX in the Oval Office in the afternoon. He met with Democratic Congressional leaders late Monday and discussed how "to continue working together to achieve the bipartisan consensus," according to the White House. Obama also met with Vermont Gov. Jim Douglas , vice chair of the National Governors Association (NGA), to discuss the stimulus. "There are still some differences between Democrats and Republicans on the Hill, between the White House and some of the products that's been discussed on the Hill. But what we can't do is let very modest differences get in the way of the overall package moving forward swiftly," the President told reporters before the meeting. The Senate convenes at 10:00 am ET on Tuesday to continue consideration of the plan, called the Economic Recovery and Reinvestment Act. The House passed its own version of the bill, worth $819 billion and without a single Republican vote, last week. The NGA had supported the House legislation, saying in a statement last Tuesday, "States are facing fiscal conditions not seen since the Great Depression - anticipated budget shortfalls are expected in excess of $200 billion... states have begun taking action to cut government services or increase revenue. Absent federal action, states will have to take even stronger actions that will make the recession more severe and slow the nation's economic recovery." The Senate legislation will cost $888 billion. Of this, $247 billion will be allocated for middle class tax cuts, and $165 billion will be for investments in infrastructure and science. Republicans have called the Senate bill "wasteful," and are seeking changes, such as raising the $7,500 tax credit given to new homebuyers, to a $15,000 credit for all types of homebuyers. Senate Minority Leader Mitch McConnell (R-KY) on Monday said in a floor speech, "We all agree that something must be done to jumpstart the economy, and this week we'll have the opportunity to debate ideas to dramatically improve the bill passed by the House." "The standard he [Obama] set for this bill is fairly simple: Incorporate good Republican ideas, and trim the fat that won't put people to work right now," he added. "Republicans believe that a stimulus bill must first fix the main problem in the economy which is housing. We need to fix housing first." The same day, Senate Appropriations Committee chair Daniel Inouye (D-HI) said on the floor, "To meet these goals the Finance and Appropriations Committees recommend a total of $888 billion in funding, including $365.6 billion in new appropriations. This is a significant amount of money, but an amount that we believe is wholly necessary to confront the challenges facing our nation." "At the same time, we seek to ensure that the funds that are appropriated in this legislation are spent carefully and with unprecedented transparency. We include $110 million in the bill to increase the resources of agency Inspectors General and the Government Accountability Office," Inouye added. During debate of the stimulus in the House, Republicans had cited a Congressional Budget Office report saying only about $136 billion, or 38 percent, of the $355 billion the plan allocates for infrastructure projects is likely to be spent by 2010. Democrats have shot down the report, citing a letter from Office of Management and Budget director Peter Orszag saying the CBO's analysis "did not assess the overall package." The letter by Orszag, made public by House Speaker Nancy Pelosi (D-CA), also said at least 75 percent of the overall package will be spent over the next year and a half. The Senate Appropriations Committee says in its summary of Senate version of the stimulus that $694 billion, or 78 percent of the plan, will have entered the economy by 2010. The Commerce Department said last Friday the nation's gross domestic product (GDP) shrank the most since 1982. The report followed news from the Labor Department that unemployment claims had reached the highest level on record. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

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