Votes barely tallied, politicians rush to heave more money on sinking ship
Author: markw // Category: FinanceAndrew Jeffery
A Second Stimulus Package?
California Democrat and Speaker of the House Nancy Pelosi is urging lawmakers to push through a second stimulus package in short order. Arguing economic conditions have deteriorated such that waiting until President-Elect Obama takes office in January would be unwise, Pelosi floated a $60 to $100 billion relief package to be passed by the end of the month. According to the Wall Street Journal, the Speaker believes tax cuts implemented by adjusting tax-withholding tables, rather than more rebates or reductions in capital-gains taxes, would immediately inject cash into the economy.
The proposal comes in conjunction with the convening of Obama’s 17-member economic advisory board, which includes such notables as Berkshire Hathaway CEO Warren Buffett, Google CEO Eric Schmidt, former Treasury Secretary Robert Rubin, former Federal Reserve Chairman Paul Volker and others. Pelosi is also busying herself with the troubled automakers, meeting with representatives from Ford, General Motors and Chrysler, over their request for federal money to stay afloat. More
Sphere: Related ContentTags: bailout, Chrysler, Ford, General Motors, Nancy Pelosi, obama, stimulus package
