Dems: Congress Could Back Stimulus Plan Up To $700 Billion (VIDEO)

UPDATE: President-elect Obama urged swift passage by Congress of a massive two-year spending and tax-cutting recovery program which significantly exceeds the plan he discussed during the campaign.

The Associated Press reports:

Though Obama aides declined to discuss a total cost, it probably would far exceed the $175 billion he proposed during the campaign, but would not immediately seek to raise taxes on the rich. Some economists and lawmakers have argued for a two-year plan as large as $700 billion, equal to the Wall Street bailout Congress approved last month...

The scope of the recovery package is far more ambitious than what Obama had spelled out during his presidential campaign, when he proposed $175 billion of spending and tax-cutting stimulus. The new one will be significantly larger and would incorporate his campaign ideas for new jobs in environmentally friendly technologies -- the "green economy." It also would include his proposals for tax relief for middle- and lower-income workers.

Senior Democrats hinted today that Congress could get behind a massive stimulus plan worth hundreds of billions of dollars.

Nancy Pelosi on Face the Nation:

In a recorded interview with CBS' "Face the Nation" that was aired on Sunday, Pelosi, a California Democrat, said the package should be aimed at creating jobs immediately and include investments for future growth. Pelosi said several economists have called for a package in the hundreds of billions of dollars.

When asked if that would be the case for the stimulus package lawmakers are contemplating, Pelosi said: "It could be, if it also contained a tax cut. Something of several hundred billion would have to be some investment into the future, plus creating jobs immediately, and a tax cut."

Chuck Schumer on This Week:

In an interview with ABC's This Week, Schumer said, "I believe we need a pretty big package here," Schumer said, adding that Congress is working on getting the economic package to president elect Barack Obama by inauguration day. "I think it has to be deep. In my view, it has to be between $500 and $700 billion dollars and that's because our economy is in serious, serious trouble."

"It's a little like having a new New Deal, but you have to do it before the Depression. Not after," Schumer added.

Comments

[research]

borrow and give to your cronies, till you

bankrupt the US government

So you can drowned it in a bathtub.

That's what's happening, right in front of us, while

Bush Tap Dances to distract us.

Give those billions to the states, to the unemployed, to folks facing foreclosure. That money will go right back into the economy, unlike the waste on banks.

Pass anti Usury laws cap interest at 10%.

Order billions of dollars of offshore wind turbines and the grid.

give individuals and businesses huge tax credits for installing roof top solar.

Create an US Green Bank to help green companies with liquidity problems.

[berrycooda]

The three musketeers ... Pelosi...Reid...Schumer....

Send some money our way....not just a pittance but something worthwhile....

After all, you will be getting your raises one of these days and it is usually 7% of
your income which is now almost $180.000 yearly.

I am wondering if all of Congress etc...also accepted the stimulus package that
Pres. Bush put out a few months ago....and if the bankers and the big 3 C.E.O's did as well.

Throw us a bone.....and we will be soooooo happy.

[shelobo]

Senator Feinstein Announces 2009 Inaugural Theme
"A New Birth of Freedom" http://inaugural.senate.gov/media/releases/release-11052008-inauguralwebsite.cfm

[shelobo]

INAUGURAL Balls and party costs ,Before they both resigned from office, Richard Nixon and Spiro Agnew spent about $4 million to congratulate themselves in 1973.
In the 1977 Inauguration Day parade, Jimmy Carter not only delighted thousands of spectators by walking down Pennsylvania Avenue, holding hands with Rosalynn, he also cut inauguration costs to $3.5 million.
Ronald Reagan rolled out his revolution by raising the inaugural ball bar to $16 million in 1981.
The Reagan group then bumped the inaugural ball bar to $20 million in 1985.
Not to be outdone by his former boss, George H.W. Bush spent $30 million on self-congratulations in 1989.
Bill Clinton"s first inauguration in 1993 cut inaugural costs to a mere $25 million.
But in the second Clinton term, in 1997, inaugural costs jumped to $29 million.
George W. Bush and Dick Cheney spent $30 million congratulating themselves for taking a court-ordered election in 2001.
Bush and Cheney really went wild in 2005 after they actually won an election and spent $40 million on 9 lavish inaugural balls. We pay direct and indirect costs for House and Senate members and staff to come up with a joint House and Senate committee to plan and budget inaugural ceremonies, to prepare the Capitol Rotunda for use in the case of bad weather, and to provide money to archive inaugural documents, files, and records. We also pay direct and indirect costs for security (Secret Service)


http://open.salon.com/content.php?cid=39296

[democratUSA]

Delay tax cuts for the rich? Bailing out big companies? It's our money, when will it circle back around to you and me? Foreclosures, layoffs, we aren't getting a bailout. We are only racking up huge debt. MERRY CHRISTMAS from the CEO's to you!

[mayba]

I'm all for this huge stimulus package. BUT I want the taxpayers to recieve a big check from the government as well. I think that if every adult citizen (taxpayer) were to recieve $100,000, it would releive ALL of the worries. There would be plenty to pay off huge bills, buy new cars...whatever. I just don't understand why we can't get just a small amount (it would be less than $200 Million of the 700 BILLION dollar stimulus package) To me, that is a drop in the bucket. It would cure all kinds of ills, get things back on track. While the government is intent on "bailing out" every corporation and bank, PLEASE don't forget about us.

[shelobo]

A small check of around $3 thousand would hold most citizens over untill they can pull out of the hole they are in.Electric bills for thousands in Texas rose to such high amounts that people can not pay them and are being disconnected daily for PAST huge bills.$500 to $900 dollar electric bills can not be paid by someone who earns $500 a week before deductions .It's a hard choice to make,pay your house payments/rent or buy food and pay huge electic bills. The electric companies have pay out plans,but the consumer still remains behind on the bills because they have to pay the old bill PLUS the regular monthly bill..some sort of regulation should be done concerning electric and gas companies.

[BigVic]

this man isn't going to have much time to wipe his rump let alone go to inaugural parties.

[Joeblue]

Please tax the rich.

[NWBrunette]

The FIRST thing to do is to raise taxes on wealthy folks so we can slow down the massively excessive bleeding this country is doing, and make a down payment on the incredibly massive amounts of money we're spending. Otherwise it just goes on the back's of our grandchildren.

[ImWithThatOne]

Will he sign the stimulus bill on inauguration day if it's ready? More likely a few days afterward, as he'll probably be drained from the inauguration parties and balls.

[sasson]

So, you are saying that going to parties is more important than signing this bill. "A few days afterward?"

[Carolab]

C'mon, man, that's a bit over the top, doncha think?

[postman606]

Ok Carolab

[postman606]

Maybe he'll invaded Crawford, Tex. put Bush in chains and come back to Washington and solve global warming by Sat.

[Amalek]

I think they ought to bring it up on the stage right after he swears, set it on the Bible and have him sign it right in front of Bush.

[shelobo]

Inauguration parties and balls SHOULD be canceled IF any taxpayer monies are going to be used for them.

[sasson]

Will they get it to Bush if they can get it done before Inauguration Day? I ask because the if it is so important, which I think it is, I hope that they are not playing politics like Reagan did with the Iranian hostages. While it would be great if Obama could have an opening day victory, I'm more concerned with people keeping their jobs over the holidays.

[postman606]

I think the Iranians played games with the hostages.

[postman606]

Sorry, you might need this.
http://www.cbsnews.com/stories/2001/01/19/iran/main265499.shtml

[Amalek]

Afraid of signing statements.

Like the one that would fund Cheney's lair in Dubai.

[georgebeckton]

US government to take 20 billion stake in citi group......BBC

[abby4ever]

It is bad enough that the cure for all this (bailouts) is as bad in its own way as the dis.ease (failing companies), but for people to not be learning any lessons from it is outra.geous. Look at this (from the NYT article on citi group):

"Normally, a big bank would never allow the word of just one executive to carry so much weight. Instead, it would have its risk managers aggr.essively look over any shoulder and guard against trading or lending ex.cesses."

And yet the gov't just turned this economic me.ss over to a single individual, Hank Paulsen, and with no oversight!!! They are doing just what Citi did that got them into THEIR me.ss!

There is no other term for this than 'organized ins.anity' it just bo.ggles the mind. Those who gave the reins to Hank and Hank alone, with no one to watch him, are breathtakingly stu.pid.

[Carolab]

Breathtakingly stupid, or PART OF THE PLAN?

[GeoLee]

Why do you keep putting period marks between letters in words? It is irritating and there is no need to.

[ImWithThatOne]

Are you serious? I mean, they accused O of socialism before the election, yet socialism is exactly what THEY'RE doing.

[Chillinout]

Actually the US government is going to guarantee over $300 billion of their assets:

http://www.cnbc.com/

[jesuswazasocialist]

Yep on the Citibank Bailout, and they call Obama an Socialist, all this corporate socialism is happening on Bush's watch, hope the Palin Republicans realize it.

[Carolab]

"But Obama's in favor of the bailout", they cry.

[postman606]

Man that means we're all bank V.P s

[Carolab]

Where's my business card? I want it now! Engraved please.

[rlt]

Getting it to him by inauguration day? That would be sweet.

I remember from my childhood, the last inauguration day surprise was when the Iran hostages were released! How kind of Ronnie's handlers (who later served in W's administration & campaigns) to have worked that one out! My grandma broke her hip running to the tv to see their release & then died after 0 I am totally serious too.

Somehow, I think this will inauguration alignment will turn out better.

(Someone, please remind me again why Ronnie Ray-gun is a saint now that he's dead?)

[BuckeyeGal]

Good question, something I've never been able to figure out.

[CaptainStormfield]

The Boondocks animated series has a great take on Ronald Ray-gun. The Passion of Uncle Ruckus
My personal favorite anyway.

http://www.youtube.com/watch?v=CbvKeCizOVg

[Koreanovice]

I think now is the time to look at your state leaders because the money will be filtered to them to start their projects.

[Carolab]

On no. My gov is Tim Pawlenty.

[postman606]

My gov. Blagojevich is waiting for the Feds to come place him in handcuffs. He would be the fourth Illinois Gov. in my lifetime to go to jail.

[ImWithThatOne]

Bobby Jindal here....ugh.

[georgebeckton]

On a lighter note, you can soon expect a great deal of interest from B.P. and Shell who announced they were abandoning Wind power development in the UK, making a headlong rush (rats out of an aquaduct springs to mind) to the USA coincidental with November the 5th, uncanny that....

plus ca change

I doubt their enthusiasm has much to do with hand-wringing over Green issues.

Still,you're more than welcome to them.

[Carolab]

So you're saying they are coming here because of the subsidies into research and development?

[Carolab]

Or offshore drilling?

[georgebeckton]

They're going because President Obama made clear his commitment to Wind and other renewables during his campaign.

The reasons are simply those of scale (ostensibly)

However, you raise an important issue...development grants..since they're EXTREMELY keen they shouldn't need any further incentives such as sweeteners..you need to press them on this before Paulson gets twitchy palms in his few remaining days.

Actually they are so keen you might even get help with the necessary grid infrastructure. What they abandoned after all was quite a substantial endeavor.

The point I wanted to make really, is that these are changed times, and oil firms are firmly set in the ancien regime; they need reminding of this and you should cut them no slack, and now of course, they aren't really in a strong position.

[postman606]

R&D is costly, these people are firmly entrenched in their product, especially in these voliatle times.

[georgebeckton]

I suspect they are also keen on the US establishing some rapprochement with Cuba since it's recent oil discovery...they will also be anxious since Putin has already sent envoys sniffing around his old stomping grounds

[postman606]

There are bargins to be had, it is a buyers market. Build it, and thet will come. Tear it down and sell it cheap and look out.

[Carolab]

What does that mean?