Biden: Even with stimulus, U.S. could face long financial recovery
source: http://www.yahoo.com/
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Biden said Obama's choice for Treasury secretary, Timothy Geithner, will recommend whether more money is needed for the banks. Geithner could be confirmed by the Senate as early as Monday.
Congress is working on an $825 billion economic recovery package that dedicates about two-thirds to new government spending and the rest to tax cuts. Separate proposals making their way through the House and Senate would combine tax cuts for individuals and businesses, help for cash-strapped state governments, aid for the poor and unemployed, and direct spending by the federal government.
The goal is to infuse money directly into the economy in the hope of bringing the nation out of recession, while creating 3 million to 4 million jobs. It would be largest economic recovery package ever enacted; the White House says the scope rivals the construction of the interstate highway system after World War II.
Its success or failure could define the first years of Obama's term. On Sunday, Democrats sought to temper expectations, at least in the short term.
"These problems weren't made in a day or a week or a month or even a year, and they're not going to get solved that fast," said Lawrence Summers, a top economic adviser to Obama. "So even as we move to be as rapid as we can in jolting the economy and giving it the push forward it needs, we also have to be mindful of having the right kind of plan that will carry us forward over time."
Republicans want the recovery package tilted more toward tax cuts and have questioned whether government spending programs will revive the economy in the short-term.
Congress is working on an $825 billion economic recovery package that dedicates about two-thirds to new government spending and the rest to tax cuts. Separate proposals making their way through the House and Senate would combine tax cuts for individuals and businesses, help for cash-strapped state governments, aid for the poor and unemployed, and direct spending by the federal government.
The goal is to infuse money directly into the economy in the hope of bringing the nation out of recession, while creating 3 million to 4 million jobs. It would be largest economic recovery package ever enacted; the White House says the scope rivals the construction of the interstate highway system after World War II.
Its success or failure could define the first years of Obama's term. On Sunday, Democrats sought to temper expectations, at least in the short term.
"These problems weren't made in a day or a week or a month or even a year, and they're not going to get solved that fast," said Lawrence Summers, a top economic adviser to Obama. "So even as we move to be as rapid as we can in jolting the economy and giving it the push forward it needs, we also have to be mindful of having the right kind of plan that will carry us forward over time."
Republicans want the recovery package tilted more toward tax cuts and have questioned whether government spending programs will revive the economy in the short-term.
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2hellnwait
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There are no Quick fixes
- 3 years ago
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2hellnwait
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Katanajon
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Biden read this today in a fortune cookie that he received at Sans Wok in the Washington Mall. He said " They have never ever been wrong before" "except once when it said that I would be the first woman President.
- 3 years ago
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Katanajon
