Democrats Pounce on Obama Stimulus

President-elect Barack Obama’s economic recovery plan ran into crossfire from his own party in Congress on Thursday, suggesting that quick passage of spending programs and tax cuts could require more time and negotiation than Democrats once hoped.
Senate Democrats complained that major components of his plan were not bold enough and urged more focus on creating jobs and rebuilding the nation’s energy infrastructure rather than cutting taxes.

The New York Times

President-elect Barack Obama makes remarks on the nations economy, ... 
President-elect Barack Obama makes remarks on the nations economy, Thursday, Jan. 8, 2009, at George Mason University in Fairfax, Va.(AP Photo/Lawrence Jackson)

Just hours earlier, Mr. Obama called for speedy passage of the stimulus measure, warning that the recession “could linger for years” if Congress did not pass his plan within weeks.

Further complicating the picture, Democratic senators said Thursday that they would try to attach legislation to the package that would allow bankruptcy courts to modify home loans, a move Republicans have opposed.

Parallel to its work on the stimulus plan, the Obama team has also been considering how to use the second $350 billion of the bailout program approved by Congress. A transition team official said Thursday night that the new approach would give government officials broader range to provide relief on consumer loans for homes, automobiles and education, while also doing more to address foreclosures and the problems of municipalities and small businesses.

For his recovery plan, meanwhile, Mr. Obama has been assembling a package worth as much as $775 billion over two years to revive the sagging economy, using the plan to define his presidency even before it begins and to foreshadow his broader approach to governing.

Read the rest:

Transcript of President-Elect Barack Obama’s Speech on the Economy
 Democrats Admit: “We Are Our Own Worst Enemies”


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