Word: stimulus
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When Barack Obama asked Congress to pass a massive economic-stimulus bill last January, he offered Republicans outstretched arms, saying he wanted to seek "solutions that advance not the interests of any party, or the agenda of any one group, but the aspirations of all Americans." Ten months later, he is asking for perhaps $200 billion more, but this time he comes ready to rumble...
...speech at the Brookings Institution, he wrapped his new stimulus plans in a partisan critique, charging that Republicans "presided over the decision-making that had led to the crisis" and then handed "it over to others to solve." He accused the GOP of "waxing political about fiscal responsibility" and finished his point with a dash of sarcasm: "It's a sight to see." (See the best business deals...
...this explains why Obama is being very careful about how he packages the new spending ideas, which could push the total stimulus price tag past the $1 trillion mark. For starters, he never used the word stimulus in his Dec. 8 speech to describe the new effort, perhaps because according to a Rasmussen survey, that's a concept that only one-third of Americans support. Nor did he say how much the new programs would cost. He gave few details of how they would be paid for, and he never explained when the plan would go into effect...
...Treasury, where its proceeds would be used to pay down the deficit. "The $700 billion program we have proposed is not a spending program," former Treasury Secretary Hank Paulson explained before Congress in September 2008. It didn't take long for Republicans to take that position. "The stimulus money clearly was a spending bill. TARP was a loan - a loan to be paid back. And we know that a number of the banks are, in fact, paying it back," said McConnell...
...briefing call with reporters before the speech, a senior Administration official said that even though the unspent and returned TARP funds could not be used directly to fund the new stimulus efforts, they still created an environment in which there was "more fiscal room" for further spending. "There's other offsets over a 10-year period that one could consider as well," the official said, without providing any specifics...