by Mark Silva
President Barack Obama, summoning business leaders to the White House this morning to rally support for his $825-billion economic stimulus plan, made a public appeal for rapid congressional approval of the package.
"When it comes to rebuilding our economy, we don't have a moment to spare,'' Obama said in an address staged in the East Room of the White House and carried live by cable television news networks on this day that the House is preparing to cast the first, and most likely successful, vote on the stimulus plan.
"Corporate America will have to accept its own responsibilities to its workers
and the American public,'' said Obama, reiterating a promise that his plan will create or save 3 to 4 million jobs in the next few years. "But these executives also understand that
without wise leadership in Washington, even the best-run businesses can't do as well as they might.
"The vast majority of these jobs will be created in the private sector,'' Obama said. "In the end, the end to our economic troubles lies less in my hands'' than it does in the hands of American workers and the companies that employ them.
"All we can do, those of us here in Washington, is to help create... an environment in which business can prosper,'' Obama said. "That's exactly what I intend to achieve - soon.''
As the House prepares to cast the first vote today, Obama is asking for a bill that he can sign by President's Day, Feb. 16.
(Photo of Obama in East Room by Charles Dharapak / AP)
The president today also reiterated a pledge to ensure that every dollar of the stimulus package is spent wisely, promising to to monitor that spending at a new Web-site, www.recovery.gov.
"I know that there are some that are skeptical about the size... of this recovery plan... and I understand that skepticism,'' Obama said. "Instead of just throwing money at our problems, we will try something new in Washington - we will invest in what works... We will launch a sweeping effort to root out waste.''
The stimulus bill isn't the only step that the Obama White House is taking in an immediate approach to the economic crisis that the nation confronts. Stocks opened higher in early trading on Wall Street this morning amid word that the Obama administration also is considering creating a bank to absorb bad assets weighing down banks that have reported multibillion-dollar losses.
The prospect of a so-called "bad bank'' has buoyed investors concerned that banks cannot resume normal lending without some way to "wall off'' bad debt weighing down their balance sheets.
Treasury Secretary Timothy Geithner is discussing ways of re-channeling what remains of an initial $700-billion bailout of the financial markets that Congress approved at the urging of former President Bush in the final months of his administration.
The Standard & Poor's 500 index, a benchmark for the overall stock market, rose this morning in its fourth straight trading session of increases. Other indicators rose as well this morning.
Obama's $825-billion plan to boost the economy is all but certain to win initial approval in the first round of voting today in the House, where Democrats hold the votes to pass it. Republicans are lining up against the measure, complaining that it contains too little tax relief and too much new government spending.
In the Senate, moderate Republicans are working with Democratic leaders in fashioning a measure that ultimately may become more palatable to some of its Republican critics.
House Minority Leader John Boehner (R-Ohio), appearing on ABC News' Good Morning America today, complained that the stimulus plan is laden with new government spending - and borrowing to support it - spending that "has nothing to do with creating jobs or preserving jobs...''
The Obama administration has acceded to tax cuts in the measure, but insists that the preponderance of the package must deliver spending that can jumpstart a stalled economy.
The White House has maintained confidence that early sparring over the bill should not be taken as a sign of trouble for the measure. "The clock's not at zero,'' White House Press Secretary Robert Gibbs said on Tuesday.
Obama invited business executives to the White House this morning to court support for a plan based on about $600 billion in new spending, plus tax cuts aimed at winning Republican support.
Among them: Google Chairman Eric Schmidt, Xerox Chairman Anne Mulcahy, Motorola President Greg Brown and IBM Chairman Sam Palmisano, as well as chief executives of Honeywell, Kodak, Aetna and other major corporations.
"Their ideas and their concerns have helped shaped this recovery package,'' Obama said at a meeting with the executives before they joined him for the address in the East Room.
Palmisano helped introduce the president in the East Room with a public call for business support for Obama's plans.
"These are people who make things, who hire people,'' the president said. "They are on the front lines in seeing the enormous problems in our economy right now. Their ideas and their concerns have helped to shape our recovery package, and I'm grateful that they're here today to talk about why it's so important that we act, and act swiftly, in order to get this economy back on track.''
Comments
I believe there is enough time to do this right. However, there still seems to be a lot of politics being played here by example of Cantor getting on TV and absolutely lying about some 300 million for lawn sculpture that doesn't even exsist in the plan. Nor the problem with money for the TV conversion when the left out the fact that the government stands to actually make money from this. Put the politics aside gentlemen, both sides, and do this right.
Posted by: bill r. | January 28, 2009 12:08 PM
Damn straight no time to lose. It is definitely Obama payback time the Chicago way.
Posted by: Katiemac | January 28, 2009 12:23 PM
I didn't believe this chicken little act when Bush tried it and if McCain had had the stones to oppose the first bailout he'd be our president right now. This is a massive pork handout to democrat constituencies and will do NOTHING to fix our economy.
Posted by: Jeff | January 28, 2009 12:33 PM
Three to Four Million jobs in the next few years? Jobs for who? Listening to his Chief Economic advisor yesterday talking to Congress about this bail out bill was alarming!
He, obviously speaking for the President, described just how jobs should be targeted for certain minority workers. We don't need professional, trained workers for road and bridge construction across this great country. No, we need to give those jobs to minorities, no matter if they totaly lack the necessary skills or abilities.
This is a PUSH to pass a Half-Baked $825 Billion bail out. Nothing in this proposal makes sense, except for the "Hand Out's" and increases in social programs to support those who aren't productive citizens.
Do you really want that bridge you cross over every day to work and back to be built by an unskilled, unqualified construction worker's? or maybe have your child's school bus brakes repaired by an unskilled, unqualified person "calling" himself a mechanic today because the President said it was OK?
Seems to me that not long ago, we heard our current President chide the past President for "pushing" his bail out package through Congress quickly. Now, as will most likely be the case for the next four years, we have the Pot calling the Kettle Black.
Posted by: springfield | January 28, 2009 12:37 PM
Is this the same Obama who, just a month ago, said "government is the only answer to growing the economy?" Now he sounds like Ronald Reagan and George Bush, saying correctly that most jobs are in the private sector and that private enterprise must be encouraged by the government in its efforts to increase jobs. Whew! Talk about right out of the GOP playbook. But hopefully it's a sign he's shedding some of his socialist agenda.
Posted by: Danforth | January 28, 2009 12:41 PM
If Obama really wants to act, what does he need any Republicans for?
He has vast majorities in both houses, and can ram through any scheme he wants.
If Obama wants to nationalize every aspect of the US, then do it. It it works, then all is well.
But if it fails, then it is all on his and his party's shoulders.
So show some guts.
Posted by: danc | January 28, 2009 12:42 PM
First off it's not a "stimulus plan" it's a Spending Plan. And, that is all a Socialist know how to do is spend. Spend, spend, spend.
And, he has a lot of nerve talking about "responsibility". When is he going to get some?
That reminds me, how do we pay back all these billions?
Posted by: Tim | January 28, 2009 12:59 PM
The long and short of it is: “Hurry up!” We’ve heard this before. I recall not too long ago when Duh’bya succeeded in hurrying - no, stampeding - Congress into passing the Wall Street Bailout boondoggle. Now we see that we’ve done little better than pound $350 billion dollars down a gopher hole with it.
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The current bill is a virtual wish list of everything the ‘rats have wanted to fund for years. It is loaded with stuff that has nothing to do with “stimulating” the economy or creating jobs. It’s got money for Head Start, Pell Grants, the National Endowment for the Arts, and $200 million to reseed the National Mall. How does any of this represent support for “infrastructure” or job creation? And these are just a few examples.
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So, sure, Congress should run headlong toward approval of this stinker like the herd of cattle they showed themselves to be with the Wall Street bailout. They should forget vetting the projects contained in the bill because that would take too long. If they did, our grandchildren and our grandchildren’s grandchildren will be left to pay for what the herd left in its wake.
Posted by: John W. | January 28, 2009 1:18 PM
This "stimulus" package won't work because it is loaded with pork, puts money in projects that will not get moving for years. Only the private sector can create jobe and it needs tax incentives at this time to do that.
Posted by: Den C | January 28, 2009 1:24 PM
"Obama said. "In the end, the end to our economic troubles lies less in my hands'' than it does in the hands of American workers and the companies that employ them.
"All we can do, those of us here in Washington, is to help create... an environment in which business can prosper,'' Obama said.''
---------
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Sounds like he's laying a foundation to blame someone else if this grand plan doesn't work. If it works, he'll take credit for fulfilling these lofty expectations, but if it doesn't... That's politics. That's change we can believe in...
Posted by: Cynic | January 28, 2009 1:27 PM
Obama's stimulus is more like a War on Prosperity. He is doing exactly the wrong things.
Raising taxes while the economy is down is a huge mistake. His "stimulus" goes towards things that won't stimulate the economy. It will take a year for any of it to affect things and we live in a knowledge world, not a union world.
His ideas are about as wrong as wrong can be.
Save your money and don't spend!
Posted by: Alz | January 28, 2009 1:54 PM
I am waiting for the day Obama doesn't claim that "today" is the day that we need to act or the world will come to an end; and people thought Bush was a fear-monger. Consumer confidence is at an all time low, and all he can do as reitterate how bad everything is. Does he even care about trying to install some confidence back into the economy?
Posted by: TRH | January 28, 2009 2:05 PM
"The president today also reiterated a pledge to ensure that every dollar of the stimulus package is spent wisely, promising to to monitor that spending at a new Web-site, www.recovery.gov."
You mean like the 4 billion dollars that will go to groups like Acorn? how about the 300 million for std prevention?
This thing is loaded with pork and the Democrats pet projects that will do nothing to "stimulate" the economy. I hope the Republicans get a backbone and fight the waste that the Dems have slipped into this bill.
Posted by: Dave | January 28, 2009 2:13 PM
Raising taxes while the economy is down is a huge mistake.
Posted by: Alz | January 28, 2009 1:54 PM
You and Cantor share a desire to mislead America for your parties gain? Shame.
Posted by: bill r. | January 28, 2009 2:20 PM
How about the 300 million for std prevention?
Posted by: Dave | January 28, 2009 2:13 PM
Funny how the republican president can champion fighting aids in Africa, yet preventing it is a lousy idea.
Posted by: bill r. | January 28, 2009 2:46 PM
This is laughable...it took Reagan eight months to get legislation passed to get us out of Jimma Carter's "real" recession and Obama wants his pork filled socialist agenda passed in eight days.
Paulo
Posted by: Paulo | January 28, 2009 2:47 PM
Prez Obama put some extra items in the bill that he knew the batsh*t insane House Republicans would object to, and that he can get through better in a different bill anyway, all so he could go to congressional Republicans and offer them an olive branch. That obviates their principled objections, so when they still vote against it - and most House Republicans will - he can plausibly paint them as unprincipled partisan obstructionists. The House Rep membership is so small that it basically consists of far rightwing lunatic fringers anyway, let them go back to their home districts and tell their jobless constituents that they voted Against a job creating stimulas bill because of ideological objections...it should be hilarious to watch.
Prez Obama made it pretty clear in his press conference yesterday that he's going to get his bill through, with or without any GOP House votes. He'll need at least 2-3 GOP Senate votes to block a filibuster, but I suspect he already has those in his pocket. So basically what he's saying is: "You can be a part of the process. If you're willing to offer constructive ideas, I'm willing to listen. But if you're just going to obstruct, you're going to get steamrolled."
Posted by: opie | January 28, 2009 2:57 PM
Began to wonder as if Obama is pushing too fast, possible to hide sometning.
Posted by: Inky | January 28, 2009 2:58 PM
Jerry Springfield, please post a link along with crap that you spew. I will retract the word crap, if I am proven wrong....otherwise you are just like Bruce.
Posted by: Xcellentform | January 28, 2009 3:09 PM
Obama may be the best at Political Parlor Games since FDR. His simple philosophy is win/win. ..........
http://thefiresidepost.com/2009/01/28/political-parlor-games-and-obamas-oracle/
Posted by: Ohg Rea Tone | January 28, 2009 3:17 PM
How about the 300 million for std prevention?
Posted by: Dave | January 28, 2009 2:13 PM
Funny how the republican president can champion fighting aids in Africa, yet preventing it is a lousy idea.
Posted by: bill r. | January 28, 2009 2:46 PM
Not only is it is a lousy idea - it should be considered extortion to include it in a stimulus package. If it is such a good idea ( and it probably is) it should be able to get approved and funded outside of this "emergency! There is not a minute to waste!" nonsense.
Give up on the Bush Derangement syndrome stuff... ehe is gone. Your guy owns this now..
Posted by: heartburn | January 28, 2009 3:25 PM
Not only is it is a lousy idea - it should be considered extortion to include it in a stimulus package. If it is such a good idea ( and it probably is) it should be able to get approved and funded outside of this "emergency! There is not a minute to waste!" nonsense.
Posted by: heartburn | January 28, 2009 3:25 PM
PrePuke,
As usual, in a time of crisis, the Repugs are full of crap and ideological spin.
Boehner's cute soundbite about contraceptives is, of course, nonsense. The money we're talking about is for medicaid, which is desperately needed at a time when people are losing their jobs --- and, by the way, will help stimulate the economy by paying the doctors, pharmacies and hospitals for the (much increased) care they give, something that is a big problem at a time when states are going broke.
http://crooksandliars.com/john-amato/norah-odonnell-and-media-use-john-boehn
Thanks for playing....
Posted by: antacid | January 28, 2009 3:59 PM
Obama praises private sector job creation while pandering for bipartisan support for the Democratic Reelection and Pork Act! No real stimulus here, "is this a joke"? Rush this through, need it to save and create jobs, its getting worse, I am the messiah. The only Americans who believe this is a honest attempt for economic stimulus are the lefties who always fall for the banana in the tailpipe and are a couple of toys short of a happy meal. Vote no, let the Dems. carry the consequences.
Posted by: Bubba Porter | January 28, 2009 4:45 PM
"...As usual, in a time of crisis, the Repugs are full of crap and ideological spin..."
Posted by: antacid | January 28, 2009 3:59 PM
ooooh - you really nailed me there!
Ideology, crap and spin are all required to be able to rationalize the spending in this bill.... Your belief that stimulating the economy via the "efficiency" of payments to doctors and healthcare providers is about as ideological spun as you can get..
Stimulate the economy by removing as much government as possible- massive Keynesian efforts didn't help the US in the 30's, and didn't help Japan in the 90's...
I will spend more money personally, buy a house, or a car, and hire more people when the fed stops taking so much of my money-
Posted by: heartburn | January 28, 2009 5:01 PM
The only Americans who believe this is a honest attempt for economic stimulus are the lefties who always fall for the banana in the tailpipe and are a couple of toys short of a happy meal. Vote no, let the Dems. carry the consequences.
Posted by: Bubba Porter | January 28, 2009 4:45 PM
Clown, the expectation that House Republicans would act in the nation's best interest is a shaky one at best (there will be better luck in the Senate.) And politically, as long as the face of Republicanism is Eric Cantor and Rush Limbaugh, they are going to take a pounding at the polls (both opinion polls and the kind that count votes.) This is not going to help the Republican party avoid marginalization, though it should play well on talk radio. But I suspect that it will take an election cycle or two for both the core Republican base and the media to get these kinds of numbers to sink in:
.
http://www.diageohotlinepoll.com/
Posted by: giddyup | January 28, 2009 5:07 PM
Heartburn....I see we are a little testy today. What was your opinion of Bush giving 30 Billion to Africa for Aids?
Posted by: bill r. | January 28, 2009 5:15 PM
Ideology, crap and spin are all required to be able to rationalize the spending in this bill.... Your belief that stimulating the economy via the "efficiency" of payments to doctors and healthcare providers is about as ideological spun as you can get..
Posted by: heartburn | January 28, 2009 5:01 PM
Unfortunately, Republicans have been in power so long that they have come to believe that their ideology (deregulation, torture, anti-abortion but not pro-life, lying, wars killing unbelievable numbers of civilians, dishonesty in conducting business both in government and corporations, tax cuts for the rich, outsourcing to kill American unions and the middle class, etc., and maybe killing Americans literally by outsourcing the production of pharmaceuticals and other products necessary for our national security) are American values. I certainly hope not. I believe many Americans and citizens of other countries hope to see a resurgence of real American values (hard work, helping one's neighbor, equality, good jobs, education, good science and technology, healthcare for all, and so on). We have seen a good beginning, but the obstruction has begun in Washington.
I knew that once the Repugs became the minority party they would act like petulant children and one week into it they haven't disappointed me.
Posted by: antacid | January 28, 2009 5:18 PM
Heartburn....I see we are a little testy today. What was your opinion of Bush giving 30 Billion to Africa for Aids?
Posted by: bill r. | January 28, 2009 5:15 PM
I thought it was an outstanding-and completely under-reported initiative. Having said that, I would of had a big problem with that program being attached to any stimulus bill like this..
Posted by: heartburn | January 28, 2009 5:30 PM
"Squish, squish, squish"...is that the sound of petulant republican crybaby losers being rolled right over by the party of the people I hear? Sounds like victory!!
Posted by: FrankK | January 28, 2009 6:21 PM
Posted by: antacid | January 28, 2009 5:18 PM
and
Posted by: FrankK | January 28, 2009 6:21 PM
Listen to yourselves..
Your great leader-who was a community organizer about a half hour ago-says that there is no time to waste, when at the same time he is pushing and enabling all of this pork and spending that will clearly not create any direct economic stimulus.
____
Now-all of this extra "crap"( to use one of the acolytes posting here firm grasp of the language) will, by definition, add complexity that will slow down it's approval.
____
Koolaid drinking Obamabots-Tell me what is the difference in Obama's pitch and a timeshare pitch in Cancun? II say, No thanks! andI want my blanket and Tequila -so I can get back to the beach---adios amigo!
Posted by: heartburn | January 28, 2009 7:29 PM
Swamp Scoreboard:
----------------
antacid - 2
FrankK - 1
heartburn - 0
.
Posted by: Sportscenter | January 28, 2009 10:38 PM
equating the bush depression era economic fix to a time share pitch. such a grasp of the situation. no wonder you get laughed off these posts daily.
i recommend the tequila poured over some local ice. try the bathtub cheese also.
Posted by: crud | January 28, 2009 11:38 PM
equating the bush depression era economic fix to a time share pitch. such a grasp of the situation. no wonder you get laughed off these posts daily.
i recommend the tequila poured over some local ice. try the bathtub cheese also.
Posted by: crud | January 28, 2009 11:38 PM
Crud- (how ironic)
What an inciteful response- you are obviously not influenced by the messiahs aura and have a clear insight into Obama's well known and documented economic experience.
So it should be easy for you with your high browed "grasp" of the situation to explain the difference in his "hurry up and sign here- before the economy tanks" rhetoric and the "hurry up and sign here-before there are no condos left in Mexico" rhetoric. - I challenge you to try...
Posted by: heartburn | January 29, 2009 10:37 AM
75,000 jobs lost last week. 2.6 million jobs lost in 2008. every reputable economist says we are at the start, not the end, of the bush led depression. and you have are still going to equate this situation to a condo sales pitch. the onus of the argument is for you to support your bogus claim that the two are equitable in any way. i challenge you to explain your analogy. the ball is in your court dunce, not mine.
Posted by: crud | January 29, 2009 11:31 PM