President Barack Obama is looking to have his large economic stimulus package passed in Congress. However, questions on where the money will go may slow down the process. Furthermore, issues with the previous stimulus package under former President Bush may prevent total cooperation.
Before meeting with his economic team, President Obama discussed the current economic situation in his weekly Internet and radio address. The portrayal of the economy given was quite negative as Obama stated the situation to be an “unprecedented crisis.”
Obama said that quick action was needed and with his $825 billion stimulus package, he expects that over the next few years, nearly 4 million jobs will become available.
As reported by CNN, Obama’s plan includes three steps, “Stabilize the financial system, fix market regulation and pass the stimulus plan.”
A vote on the proposed package will be held on Wednesday. February 16th is not only Presidents Day, but also the day Obama expects the plan to be on his desk ready for his signing. Obama even mentioned that, for the benefit of taxpayers, a website will be available for citizens to see exactly how their taxes are being spent.
Despite the promotion given to the plan by Obama, not everyone on the same page with him. Democrat Kent Conrad, the Senate Budget Committee Chairman from North Dakota is still unconvinced about the number of jobs that will open up. Part of his concern lies with the fact that the projection for jobs is based on the economic system functioning normally.
The majority of the nation believes that it will take at least two years for the United States to make a full recovery from the current recession.
Furthermore, John Boehner, the House Minority Leader says that most Republicans do not see the plan as actually helping create jobs and maintaining jobs. One of those Republicans is Senator John McCain, who has already stated that he is opposed to the current plan.