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Monday, July 6, 2009

Biden: We misread the economy

Vice-President Biden is again making news following his appearance on this weekend’s Sunday talk shows.

The nation’s top stimulus official admitted to ABC’s George Stephanopoulos that the administration, “misread how bad the economy was” as it worked to pass the massive stimulus package designed to keep unemployment below 8 percent. (You can watch the Vice President's full interview here.)

With the jobless rate now at 9.5 percent, the administration appears to be fending off calls for more stimulus spending, the Wall Street Journal reports:
Some economists are pressing the White House to enact a second round of stimulus spending or find some other way to avert a prolonged job and wage slump. But the White House is in a tough spot. Officials want to give the $787 billion stimulus package passed in February time to work -- only 10% of the spending is out the door so far -- and there is little appetite in Congress, particularly among Republicans, for spending more money at a time of record deficits. …

White House economists are discussing whether a second round of stimulus is needed, but a decision isn't expected until at least the fall. "We remain focused on putting thousands of Americans back to work" through implementation of the February stimulus act, an administration official said Sunday. "Any discussion of a second stimulus is premature at this point."

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