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Momentum building for a second stimulus

 
By The Associated Press | Published: October 21, 2008    Comment on this article Leave a comment

WASHINGTON — What’s another $150 billion on top of the more than $1 trillion that’s been spent to rescue the sinking economy and financial markets?

photo - President Bush speaks to reporters at the Central Louisiana Chamber of Commerce in Alexandria, La., Monday, Oct. 20, 2008. (AP Photo/Charles Dharapak)
President Bush speaks to reporters at the Central Louisiana Chamber of Commerce in Alexandria, La., Monday, Oct. 20, 2008. (AP Photo/Charles Dharapak)

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Momentum is building for a fresh dose of economic stimulants to boost the country out of the doldrums. The plan could put more money in Americans’ pockets.

The White House said Monday that President Bush was open to action after Federal Reserve Chairman Ben Bernanke warned the slump could drag on without it.

Already this year, Congress with Bush’s blessing has enacted:

→A $168 billion economic recovery package.

→A $700 billion financial bailout plan.

→A $300 billion housing rescue to provide relief.

Now there’s a push on for another multibillion stimulus effort, sure to push the record federal budget deficit even higher.

The national economy, already wobbling, has been rocked by a trio of hard punches from the housing, credit and financial crises. With a recession widely seen as inevitable, if not already under way, the focus in Washington has shifted to the questions of how bad, how long and how to limit the pain.

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Related Topics: Public Finance, Domestic Policy, Federal Budget, Political Policy, Politics, U.S. Politics, Business, World Politics, Economic Issues, Economic Policy, Government Spending, Economic Crisis, Economic Stimulus, Financial Rescue Plans, Government and Politics, U.S. Congressional Politics, Economies, U.S. Economy



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