Another Stimulus?
As reported by Fox News, Senate Majority Leader Harry Reid on Tuesday slammed the door on the idea of a second economic stimulus plan, even as President Obama suggested he’s leaving the option on the table.
“A little less than 90 percent still needs to be put out to the American people, and we’re in the process of doing that. It’s going to move more quickly now. As far as I’m concerned, there’s no showing to me that another stimulus is needed,” Reid stated.
But, not all of the majority party agrees. According to Reuters, House of Representatives Majority Leader Steny Hoyer said on Tuesday that 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.
Hoyer insisted 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.” He added, “I think we need to be open to whether we need additional action.”
A Government Accountability Office report due out on Wednesday declared 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 was adamant against any 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.”
In response to the talk of “Stimulus II”, stocks tumbled Tuesday to a 10-week low.
When asked about the possibility of a sequel to the $787 billion stimulus, President Obama left the door open — as he did when asked about such legislation during his latest press conference two weeks ago.
“I don’t take anything off the table when unemployment is close to 10 percent and a lot of Americans are hurting out there,” Obama told FOX News Tuesday.
A signal that trouble may be ahead for the President is reflected in his recent approval rating in Ohio. Quinnipiac University surveyed 1,259 voters in Ohio from June 26 to July 7. The poll found that 49% of voters disapprove of the job Obama is doing, while 44% approve. That is 13 points down from May.
“The economy in Ohio is as bad as anywhere in America. These numbers indicate that for the first time voters have decided that President Barack Obama bears some responsibility for their problems,” said Peter A. Brown, assistant director of the Quinnipiac University Polling Institute
So, what are we going to do? Senator Reid? Representative Hoyer? President Obama?
Who’s on first, Abbot?
Perhaps the best thing to do with this corundum is to dig out an old Sinatra or Ella Fitzgerald LP, relax and sing along with the lyrics of “Undecided”
First you say you do
And then you don’t
And then you say you will
And then you won’t
You’re undecided now
So what are you gonna do?
