Wednesday, October 15, 2008

Pelosi to the rescue? Democrats Mull $300 Billion Stimulus (WSJ)

This is what we need! A stimlus that addresses mounting weakness in the real economy. Imagine if, at the end of the day, Pelosi's plan leads to a real rebound in the market and the economy? What Hank Paulson couldn't do, Pelosi might actually end up doing!

"The California Democrat envisions a bill that would include new spending on highways and bridges, extended benefits to unemployed workers, aid to cash-strapped states and a tax cut, congressional aides said. She has asked several House committees to examine details of a possible plan. And as part of the effort, Federal Reserve Chairman Ben Bernanke is expected to testify next week before the House Budget Committee on the state of the economy. Ms. Pelosi is expected to call lawmakers back to Washington in late November to take up the issue."

Republicans will almost certainly oppose on the grounds that it would be "fiscally imprudent."

Read article here.

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