Wednesday, March 11, 2009
Dems Scrambled (Like Eggs) On Econ; Geithner; Future Stimupork, Bailouts
Sleep well folks, with guys like Timmy and Hussein running the economy, what could go wrong?
Treasury Secretary Timothy Geithner urged House Democrats to be patient with President Barack Obama's young administration on Monday as lawmakers conveyed the frustrations of their economically anxious constituents.
Rep. Lois Capps, D-Calif., said her colleague, Rep. Carol Shea-Porter, D-N.H., implored Geithner: "Hurry, whatever you're doing, please hurry."
"The members of the caucus clearly raised great concerns that the American people have about the amounts of money involved and the effectiveness of that money," House Democratic leader Steny Hoyer, D-Md., said.
Members interviewed after the session described a polite session without rancor. But they said many members reflected the political challenge they faced explaining the policies of a president of their party to a public angry over bank bailouts and an unending recession.
And more from APee:
The obstacles that President Barack Obama faces in pushing his ambitious tax and spending plan through Congress became clearer Tuesday as key Democrats took issue with major proposals, and some of their favorite economists said the president's jobs projections are too rosy.
Allen Sinai, chief global economist at Decision Economics Inc., said Obama is too optimistic when he predicts that the recently enacted $787 billion stimulus bill will save or create at least 3.5 million jobs over two years. About 2.5 million jobs is more realistic, Sinai said.
More troubling for Obama are the arrows coming from congressional Democrats. They generally support his plans to revamp health care, education and energy policies. But prominent Democrats oppose several of his proposals for targeted tax hikes and spending cuts to pay for the changes.
Senate Budget Committee Chairman Kent Conrad, D-N.D., said numerous colleagues have cited objections and told him, "If this is in, don't count on my vote."
It has happened so often, Conrad told White House budget director Peter Orszag at a hearing Tuesday, that everyone can "absolutely be sure we can't pass this budget."
Conrad himself is part of Obama's problem. He is among those who oppose the president's bid to eliminate subsidies to farms with more than $500,000 in annual sales. There is no need to revisit the farm bill approved last year, Conrad said.
Also unpopular with many Democratic lawmakers is the president's proposal to reduce the tax deductibility of mortgage payments and charitable gifts by households making more than $250,000 a year. House Ways and Means Committee Chairman Charles Rangel, D-N.Y., said he worries there would be fewer donations to groups that help the needy "during a time of crisis."
Obama also may face hurdles in trying to impose higher premium payments for upper-income retirees receiving Medicare drug benefits. Senate Democrats killed such an effort two years ago. They are taking a wait-and-see approach to the president's plan.
"Having the president supporting that certainly doesn't hurt it," Senate Majority Leader Harry Reid, D-Nev., told reporters. "So it's something we'll take a look at."
It's amazing how precious it must be to have that "D" after your name and not an "R". This must be why we haven't heard Harry ReidTard say, "the war is lost," since January 20.
I like when Liberals cannibalize their own. It's the greatest spectator sport ever!
for the Corrupt and Illegal Fascist Pbama Administration.
Recal was the spam word? Heh. Maybe its fortelling of the future? We can hope!
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