Begin forwarded message:
From: Kevin White <[EMAIL PROTECTED]>
Date: October 8, 2008 1:36:34 PM PDT
To: [EMAIL PROTECTED], [EMAIL PROTECTED], [EMAIL PROTECTED]
Subject: [NewPacifica] Hold Your Breath! Pelosi says $150B economic
stimulus plan needed
Reply-To: [EMAIL PROTECTED]
Pelosi says $150B economic stimulus plan needed
By COLLEEN SLEVIN, Associated Press Writer1 minute ago
House Speaker Nancy Pelosi said Wednesday that a $150 billion economic
stimulus plan is needed now because of the faltering economy and she
may call the House into session after the election to pass it.
Pelosi told reporters that the stock market meltdown, which has caused
an estimated $2 trillion loss from pension funds, was a factor in her
recommendation for a second stimulus bill. The first relief plan sent
out $600-$1,200 tax rebate checks to most individuals and couples this
year.
The House did pass a $61 billion economic aid proposal last month
before lawmakers left Capitol Hill ahead of the Nov. 4 election. But a
similar plan failed to pass the Senate. President Bush had promised a
veto anyway.
If Democratic nominee Barack Obama wins the White House and if Capitol
Hill Democrats make gains in the elections as well, it might be easier
to pass a stimulus measure over dispirited Republicans, especially if
the economy remains in big trouble.
The Senate is expected to be back at work after Election Day to
complete a public lands bill and perhaps deal with other matters, such
as a measure to extend unemployment benefits. The House also could
return to consider a stimulus plan and additional issues in a lame-
duck session before the newly elected Congress takes over in January.
"We may have to go back into session before the next Congress," Pelosi
said.
Pelosi said a stimulus package would create jobs by investing in
public works, increasing food stamps benefits and extending
unemployment insurance for the long-term jobless. She said lawmakers
need to "hunker down" and look closely at the federal budget for
possible savings, and reconsider whether the U.S. can afford to fight
"a war without end" in Iraq.
"We have some very harsh decisions to make and some of them can't wait
until January," said Pelosi, D-Calif.
"What we can't wait for is a stimulus package," Pelosi added. "We may
have to go back into session before the next Congress."
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