2nd stimulus? Hold onto your *****

[duece212 5,000+ posts]

U.S. must be open to second economic stimulus: Hoyer

WASHINGTON (Reuters) – U.S. leaders should be open to the possibility of a second stimulus package to jolt the economy out of a recession still causing job losses, House of Representatives Majority Leader Steny Hoyer said on Tuesday.
But in the Senate, Majority Leader Harry Reid was more skeptical of the need for more stimulus spending -- an idea that rattled markets fearful that the economy is far from well and corporate earnings could suffer.

Reid said he saw no evidence another stimulus was needed, saying the "shoots" of economic recovery "are now appearing above the ground."

President Barack Obama led the charge for a two-year $787 billion stimulus package that his fellow Democrats who control Congress pushed through the House and Senate in February and he has argued it would help create or save up to 4 million jobs.

Despite continued large job losses, both Reid and Hoyer -- who spoke at separate news conferences -- said not enough time had passed since first package was approved for it to have the full impact on the U.S. economy, which has been in a recession since December 2007.

"It's certainly too early right now ... to say it's not working," Hoyer said of the initial stimulus package. "In fact we believe it is working. We believe there are a lot of people who otherwise would have been laid off, lost their jobs, who haven't done that."

The rate of job losses was slowing, but "it's not where it ought to be," he added. Some areas of the economy were still in trouble, he said, "housing being the leading sector."

"I think we need to be open to whether we need additional action," Hoyer said. Last month employers shed some 467,000 jobs, which sent the unemployment rate up to 9.5 percent, the highest in nearly 26 years.

However, the jobs outlook is expected to get worse in coming months, with Obama and many economists predicting it will surge past 10 percent.

In the Senate, Reid said only a little over 10 percent of the initial stimulus money had been spent so far. The rest, he said, is "going to move more quickly now.

"As far as I am concerned there is no showing to me that another stimulus is needed," Reid told reporters.

REPUBLICAN SCORN

Suggestions of a second stimulus have been bubbling up amid criticism by Republicans who have argued that the first package was misdirected and wasted money on programs that so far have not sufficiently boosted the economy and created jobs.

To that end, a Government Accountability Office report due out on Wednesday found that while the Department of Transportation has committed $15.9 billion of the $26.7 billion set for highway and other projects, only $233 million has been paid out.

"States are just beginning to get projects awarded so that contractors can begin work," according to a copy of the report obtained on Tuesday by Reuters.

Senate Republican Leader Mitch McConnell poured scorn on the very idea of another economic stimulus package.

"I think a second stimulus is an even worse idea than the first stimulus, which has been demonstrably proven to have failed," he told reporters.

"And we're -- we're spending $100 million a day on interest on the first stimulus," he added. "Rush and spend is what this administration is about, rush and spend. This needs to stop."

Debt prices dropped on Tuesday in part because of concerns about further federal borrowing and appetite by investors. The deficit is expected to hit an eye-popping $1.8 trillion in the 2009 fiscal year, which ends September 30.

U.S. stocks also fell sharply to a 10-week low on Tuesday amid talk of a second stimulus.

Laura D'Andrea Tyson, an economist who advised Obama during the 2008 campaign and a member of his economic advisory panel, said on Tuesday in Singapore that the United States should be planning for a possible second round of fiscal stimulus and focused on infrastructure investment.

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[Flipx99 5,000+ posts]

I hope we get a check this time.

 

[duece212 5,000+ posts]

I hope we get a check this time.

or atleast a coupon for half off ramen noodles or some shit

 

[REAudio2001 10+ year member]

I hope we get a check this time.

x2

 

[Lugnutz 10+ year member]

The Rosa Parks Transit Center is kind of cool. I wonder what happened to the 3.8 million earmarked for Tiger Stadium? The ****ing thing collapsed and the rubble just lays there.

 

[jmanpc 5,000+ posts]

They're all dipshit numbnuts McGees out there.

 

[Lugnutz 10+ year member]

Maybe we get a voucher for a free GM vehicle.

 

[Lugnutz 10+ year member]

BTW there is a dedicated thread for Obama *****ing //content.invisioncic.com/y282845/emoticons/fyi.gif.9f1f679348da7204ce960cfc74bca8e0.gif

 

[Flipx99 5,000+ posts]

Seriously, I have been saving up for a new HDTV for my bedroom. If I get it, I am going to donate my CRT to charity (there's nothing wrong with it) AND spend the money. It seems like this would be a good plan.

 

[Flipx99 5,000+ posts]

BTW there is a dedicated thread for Obama *****ing //content.invisioncic.com/y282845/emoticons/fyi.gif.9f1f679348da7204ce960cfc74bca8e0.gif

No one but jman is *****ing. I think most of us have started to realize a second stimulus IS needed, but checks so we can spend...not these jobs that takes years and years before you see results.

 

[Revolution 10+ year member]

bunch of bullsh-t all them fools on capital hill think something new everyday and think they can fix it quick.

put that stimulus to back home loans and business loans and business start ups and actually create some jobs. Make these banks sell some of the tens of thousands of properties they are sitting on at a decent price. The people bailed all these companies out and for what? for the banks to hold all the money?

Funny thing with our law makers is they know how to add their special projects in to benifit themselves and those around them.

by the time everybody skims off the top and and steals what they can half is already gone. I can keep on and on but its time for a new breed of politician and a new political party that rivals the other two and that will actually stand up for the people they rep.

In GA i havnt seen any of that last stimulus help anything around here at all.

 

[da box king 10+ year member]

I will donate mine to church thank you very much, if I get money I want to earn it not be given handouts so we can owe more and more.

stfu...troll

 

[da box king 10+ year member]

bunch of bullsh-t all them fools on capital hill think something new everyday and think they can fix it quick.
put that stimulus to back home loans and business loans and business start ups and actually create some jobs. Make these banks sell some of the tens of thousands of properties they are sitting on at a decent price. The people bailed all these companies out and for what? for the banks to hold all the money?

Funny thing with our law makers is they know how to add their special projects in to benifit themselves and those around them.

by the time everybody skims off the top and and steals what they can half is already gone. I can keep on and on but its time for a new breed of politician and a new political party that rivals the other two and that will actually stand up for the people they rep.

In GA i havnt seen any of that last stimulus help anything around here at all.

Thats because yur in the South:fyi:

 

[jmanpc 5,000+ posts]

dude with that stimulus, they probably could have payed off everyone's credit card in the united states. now imagine the stimulation that would create.

 

[csu87 10+ year member]

I will donate mine to church thank you very much, if I get money I want to earn it not be given handouts so we can owe more and more.

ill take his