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Tuesday, March 10, 2009

Chapter Two?

As can be expected, the lack of immediate results and negative market reactions have resulted in mounting criticism of President Obama’s stimulus package. In response, and in some ways rightfully so, Democrats are asking the public to give the plan time to work.

On Sunday, Democratic Senator Evan Bayh said: “Let's give this a little time … there is a lag between when you put policy into effect and when it actually starts having an effect in the real world.”

Just yesterday, Christina Romer, a top White House advisor, said: "We have to let the medicine work for a while to see if it does the trick."

Unfortunately, it appears as though top Democrats in the House of Representatives aren’t so patient and have another ideas:
'We are going to need more taxpayer money,' Mark Zandi, the chief economist at Moody’s Economy.com and a key economic adviser to congressional Democrats, said after the meeting. 'I think another stimulus package is a reasonable assumption because of the way things are going.'

House Speaker Nancy Pelosi (D-Calif.), standing with members of her leadership team by Zandi’s side, said she agreed that another stimulus bill is being considered.
On one hand, Democrats are pleading for patience regarding the stimulus’ slow start. On the other, House Leadership is pressing ahead with legislation intended to stimulate the stimulus.

While most in Congress haven’t finished reading the first stimulus bill, it appears as though the House of Representatives has already begun writing the next trillion-dollar chapter.

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