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23 January 2009

Obama's 3 legged Stimulus Plan

President Obama has proposed a plan that has at least three legs. They include the economic stimulus package that is currently being debated in Congress, an improved financial system stability program and a financial market regulation reform.

Obama's says they are putting in place the kinds of elements - oversight, transparency and accountability - that are needed to instill confidence from the American people.

Citing a report from the Government Accountability Office, the President said the financial markets have "major weaknesses" that can lead to wasteful spending.

Most notably the recent firing of Merrill Lynch CEO John Thain who did a $1 million office remodel after the government gave parent company Bank of America billions in bailout money.

Congress has said that the economic stimulus package should be on the Presidents desk by mid February.

Naturally, the republicans are having difficulty with the size and content of the stimulus package. House minority leader John Boehner, R-Ohio, said his party is looking for more tax cuts and less spending and thinks that the $825 billion bill (Boehner rounds it up to $1 trillion), is too much.

Nancy Pelosi says that much of the bill is tax cuts and not all spending. She also notes that many of the measures in the bill are republican ideas. She states that the size is not as important as the stimulus and number of jobs that are created.

The House is expected to continue its debate next week and vote on Wednesday. The Senate begins its debate next week.

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